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.

The short-term rating is based on the short-term rating of the bank. The Aa1 is under review for downgrade and could be lowered if Moody’s lowers the bank’s long-term rating.

The PGW is a 175-year-old, municipally owned gas company serving 500,000 customers.

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