• 1-800-526-8630U.S. (TOLL FREE)
  • 1-917-300-0470EAST COAST U.S.
  • +353-1-416-8900REST OF WORLD
Summary: Philadelphia, PA; Utility, Gas Aug 05 Product Image

Summary: Philadelphia, PA; Utility, Gas Aug 05

  • ID: 1887231
  • August 2005
  • Standard & Poors

Abstract
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:
- Philadelphia

Action: Affirmed

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 READ MORE >

Note: Product cover images may vary from those shown

- Philadelphia

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

RELATED PRODUCTS