Philadelphia Gas Works' $320 Million Refunding Bonds Assigned 'BBB-' Underlying Rating Jan 06
- ID: 1886636
- January 2006
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 20, 2006--Standard & Poor's Ratings Services said today that it assigned its 'BBB-' underlying rating to municipal gas utility Philadelphia Gas Works' (PGW) $320 million sixth series refunding bonds. PGW is issuing these bonds to refund previously issued bonds under the 1998 senior ordinance. Standard & Poor's also affirmed its 'BBB-' ratings on PGW's series 1975 and series 1998 senior lien revenue bonds and its 'BB+' ratings on PGW's series 1998 subordinate lien bonds. The outlook is negative. As of Aug. 31, 2005, the utility had $1.16 billion of outstanding debt. "Despite the benefits of stronger collection enforcement tools, the utility needs to sustain its recent improvements in collection rates in the face of...
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