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.

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