• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Philadelphia, PA; Utility, Gas Aug 05
Standard & Poors, August 2005
On Aug. 30, 2005, Standard & Poor's affirmed its ratings on Philadelphia Gas Works' (PGW) revenue bonds. The ratings reflect the weak service territory, historically poor collections, high debt levels, and thin coverage of aggregate debt service. These weaknesses are partially offset by a lack of competitors and modest levels of support from the City of Philadelphia, Pa. PGW is the nation's largest municipally owned gas utility, serving about 499,000 customers in Philadelphia. As of July 2005, the utility had about $1.2 billion in total debt outstanding. A weak service territory has contributed to low collection rates that have plagued the company for several years. Undercollection of billed accounts becomes acute in years with colder-than-normal winter months and high gas...
Companies mentioned in this report are:
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.