Summary: Philadelphia, Pennsylvania; Gas Jul 09

Standard & Poors, July 2009

Abstract
Standard & Poor's Ratings Services has assigned its 'BBB-' long-term rating to Philadelphia, Pa.'s gas works revenue refunding bonds, eighth series A (fixed rate), issued for Philadelphia Gas Works (PGW) under its 1998 ordinance. The bonds are subordinate to closed senior lien bonds (also rated 'BBB-') and senior to PGW's junior subordinate bonds (rated 'BB+'). At the same times, Standard & Poor's has affirmed its ratings on PGW's debt outstanding. The outlook is stable. In our opinion, the ratings reflect: A sizable service territory (with weak demographics) that is subject to open competition for gas supply and transmission, but not distribution; Dependence on Pennsylvania Public Utility Commission's (PUC) approval for base rate increases, coupled with already high rates; Stabilized collections,...

Companies mentioned in this report are:
- Philadelphia

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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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