Philadelphia, PA, Gas Works Revenue Refunding Bonds, Eighth Series A Rated 'BBB-'; Other Ratings Affirmed Jul 09

Standard & Poors, July 2009

Abstract
NEW YORK (Standard & Poor's) July 13, 2009--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); dependence on Pennsylvania Public Utility Commission's (PUC) approval for base rate increases, coupled with already high rates; stabilized collections, financial operations, and coverage levels; and moderately...

Companies mentioned in this report are:
- Philadelphia

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

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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.

- Philadelphia

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