Moody’s Investors Service confirmed the Aa1 long-term letter-of-credit-backed rating of Philadelphia’s Series 2009B general obligation multi-modal refunding bonds, affecting $100 million of debt.

Moody’s also affirmed the city’s VMIG-I short-term rating in conjunction with the substitution of the current LOC securing the bonds provided by Wells Fargo with one provided by Royal Bank of Canada. Moody’s maintains an underlying rating of A2 on the bonds.

Moody’s had placed the long-term rating on review for possible downgrade on June 7.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.