Moody’s Investors Service affirmed its Aa1/VMIG 1 letter-of-credit-backed rating of the Philadelphia Gas Works revenue refunding bonds, fifth series A-2. Around $30 million of debt is affected.

The LOC long-term rating reflects Moody’s approach to rating jointly supported transactions. The joint default analysis is based upon JPMorgan Chase as provider of the LOC, the underlying ratings of the bonds, which Moody’s rates Baa2, and the structure of the transaction.

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