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: 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: Full Analysis
- Philadelphia
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
