Philadelphia, Pennsylvania; Gas; Joint Criteria Aug 09
Standard & Poors, August 2009
Abstract
Standard & Poor's Rating Services has assigned its 'AAA/A-1+' ratings on Philadelphia, Pa.'s gas works revenue refunding bonds, eighth series B ($105 million), C ($50 million), and E ($50 million), issued by the Philadelphia Gas Works (PGW). The rating reflects the application of the low correlation joint criteria table using individual letters of credit (LOCs) provided by Wachovia Bank, N.A. (AA/Negative/A-1+), Bank of Nova Scotia (AA-/Stable/A-1+), and JPMorgan Chase Bank (AA-/Negative/A-1+), respectively, and PGW. At the same time, Standard & Poor's assigned its 'AA/A-1' rating on Philadelphia's gas works revenue refunding bonds, eighth series D ($50 million), issued by PGW. The rating reflects the application of the low correlation joint criteria table using a LOC provided by Bank of America...
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
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