TITLE

PICA's Philadelphia Refunding Gets A-Plus From S&P

AUTHOR(S)
D'Ambrosio, Gillian
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Citing strengthened debt coverage, Standard & Poor's Corp. raised its underlying rating on Pennsylvania Intergovernmental Cooperation Authority's (PICA) Series 1999 special tax revenue refunding bonds one notch, to A-plus from A. The 610 million dollars issued in 1999 was a refunding of Series 1993 special tax revenue bonds that funded construction of a courthouse and prison in Philadelphia. The Series 2003 bonds will refund Series 1993A bonds, originally a 178 million dollars refunding of the capital portion of Philadelphia's deficit reduction bonds sold in 1992. The authority first issued debt on Philadelphia's behalf in 1992, in a deal that included 250 million dollar in 10-year deficit reduction bonds. But with PICA bonds backed by a 1.5 percent wage tax on city residents, the Philadelphia economy, which Standard & Poor's Corp. projected to grow moderately.
ACCESSION #
9944956

 

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