Summary: Philadelphia, Pennsylvania; Gas; Joint Criteria Aug 10

Standard & Poors, August 2010

Abstract
Standard & Poor's Rating Services has raised its rating on Philadelphia, Pa.'s closed senior lien debt issued by Philadelphia Gas Works (PGW) under its 1975 ordinance to 'BBB+ from BBB-', its rating on the subordinate lien debt issued under its 1998 ordinance to 'BBB+' from 'BBB-', and its rating on PGW's junior subordinate bonds to 'BBB' from 'BB+'. At the same time, Standard & Poor's raised its rating on PGW's revenue refunding bonds (1998 general ordinance) series 8D to 'AAA/A-1' from 'AA/A-1', the rating revision reflecting the application of our joint support criteria. Standard & Poor's also assigned its 'BBB+' rating to Philadelphia's gas works revenue bonds (1998 general ordinance), ninth series issued by PGW. The outlook is stable. The...

Companies mentioned in this report are:
- Philadelphia

Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Philadelphia

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