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Philadelphia Gas Works' $320 Million Refunding Bonds Assigned 'BBB-' Underlying Rating Jan 06 Product Image

Philadelphia Gas Works' $320 Million Refunding Bonds Assigned 'BBB-' Underlying Rating Jan 06

  • ID: 1886636
  • January 2006
  • Standard & Poors

Abstract
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...

Companies mentioned in this report are:
- Philadelphia

Action: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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