Fitch Revises Outlook to Stable on Debt Secured by Philadelphia, Pennsylvania's GO Pledge
By: Financial News
Consistent with Fitch's recent revision of the Rating Outlook on the City of Philadelphia, PA's (the city's) general obligation (GO) bonds to Stable from Negative, Fitch revises the Outlook on the following issuers' bonds to Stable from Negative. Fitch affirms the underlying 'BBB+' rating on all of the bonds. The revised Outlook, affects about $2 billion in outstanding debt, which is secured by the city's GO pledge. The city's GO bonds are rated 'BBB+.'
Philadelphia Redevelopment Authority, PA
-- City of Philadelphia Neighborhood Transformation Initiative taxable revenue bonds series 2005A;
-- City of Philadelphia Neighborhood Transformation Initiative qualified redevelopment bonds (AMT) series 2005B;
-- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2005C;
-- City of Philadelphia Neighborhood Transformation Initiative taxable revenue bonds series 2004A;
-- City of Philadelphia Neighborhood Transformation Initiative qualified redevelopment bonds (AMT) series 2004B;
-- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2004C;
-- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2002A;
-- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2002B.
Philadelphia Industrial Development Authority, PA
-- City of Philadelphia Retirement System pension funding bonds series 1999A;
-- City of Philadelphia Retirement System pension funding bonds series 1999B.
Philadelphia Parking Authority, PA
-- Parking system revenue bonds, series 1999A.
Philadelphia Municipal Authority, PA
-- Lease revenue refunding bonds series 2003A;
-- Lease revenue refunding bonds series 2003B.
Pennsylvania Convention Center Authority, PA
-- Refunding revenue bonds series 2005A.
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