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Summary: Philadelphia, Pennsylvania; Gas Mar 07

  • ID: 1887037
  • March 2007
  • Region: Pennsylvania
  • Standard & Poors
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The rating outlook on Philadelphia Gas Works' (PGW) bonds issued under the 1975 (closed lien) and 1998 (working senior lien) ordinances and subordinate-lien bonds has been revised to stable from negative, reflecting improved collections and the grant back of PGW's annual dividend payment to the city of Philadelphia, resulting in the restoration of adequate coverage levels. Further credit improvement hinges on PGW's establishing a track record for consistent billed revenue collections across diverse heating and economic conditions, as well as maintenance of financial operations that adequately cover debt and other obligations (such as dividend payments and loan repayments to the city) while providing enhanced liquidity. The 'BBB-' Standard & Poor's underlying rating (SPUR) and 'BB+' SPUR have been affirmed. The...

Companies mentioned in this report are:
- Philadelphia

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

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 READ MORE >

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- Philadelphia

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