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

D'Ambrosio, Gillian
May 2003
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p4
Trade Publication
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.


Related Articles

  • S&P upgrades New York State's G.O. debt to `A,' outlook stable.  // Hudson Valley Business Journal;09/15/97, Vol. 8 Issue 10, p6 

    Reports that Standard & Poor's has raised its rating on New York State's $4.7 billion G.O. bonds this 1997. Rating upgrade as a reflection of the state's improved financial operations and position on a cash and GAAP basis through fiscal 1997; Background information on the state's finances.

  • S&P Upgrades MTA Bonds As $4.5 Billion Sale Nears. McKaig, Ryan // Bond Buyer;4/12/2002, Vol. 340 Issue 31364, p34 

    Reports that the Standard & Poor's Corp. upgraded the Metropolitan Transportation Authority's (MTA) transportation bonds. Expectation to sell MTA's bonds; Structure of MTA's transportation bond credit; Approval of credit consolidation by the state legislative board review.

  • DELAWARE: Solid Ratings for Waste Deal. Smith, Nicole M. // Bond Buyer;12/11/2006, Vol. 358 Issue 32525, p41 

    The article reports on the assignment of Standard & Poor's Corp. of an AA rating to the $98.3 million of Series 2006 revenue bonds issued by the Delaware Solid Waste Authority. The rating agency's basis in assigning the rating is the state's growing economy. The bonds will be sold through...

  • S&P Drops Illinois GOs to AA-Minus. Shields, Yvette // Bond Buyer;3/11/2009, Vol. 367 Issue 33078, p1 

    The article reports on Standard & Poor's Corp.'s downgrade in Illinois' general obligation bond credit one to AA-minus as the state struggles with a record $9 billion budget deficit. Standard & Poor's had put the rating on CreditWatch with negative implications due to the state's fiscal battles...

  • Standard & Poor's Upgrades Maine's GOs to AA from AA-Minus. Stark, Jonna // Bond Buyer;5/16/2007, Vol. 360 Issue 32630, p33 

    The article reports on the move of Standard & Poor's Corp. to upgrade Maine's general obligation bonds to AA from AA-minus with a stable outlook. Colin MacNaught, associate director of Standard & Poor's, related that the decision came following strengthening of the state's economy and upbeat...

  • CALIFORNIA: S&P Boosts Stanislaus COPs. Saskal, Rich // Bond Buyer;1/26/2007, Vol. 359 Issue 32555, p9 

    The article reports on the upgrade of Stanislaus County, California's certificates of participation (COP) to A-plus from A, by Standard & Poor's Corp. in conjunction with a planned $42.7 million COP refunding. For Fiscal 2005 and 2006, the county's general fund posted surpluses of $23 million...

  • Uptick in S&P rating of bank loans hints crossovers are on rise. Ben-Amos, Omri // American Banker;12/13/1996, Vol. 161 Issue 238, p17 

    Reports on the flourishing bank loan rating of Standard & Poor's providing fresh evidence that the bond and loan markets are converging. Evaluation of bank loans since July 1, 1996; Efforts by commercial banks and their corporate customers to cater to the growing number of institutional...

  • Standard & Poor's Downgrades D.C. Apartment Complex to BB. Schroeder, Peter // Bond Buyer;7/31/2007, Vol. 361 Issue 32682, p4 

    The article reports that Standard & Poor's Corp. has downgraded to BB from A on $200,000 of multifamily housing revenue bonds used to finance renovation of two District of Columbia apartment complexes. According to the rating agency, the bonds could default if federal payments fall through. The...

  • S&P Revises Monroe County, N.Y., Outlook to Negative. Phillips, Ted // Bond Buyer;7/9/2007, Vol. 361 Issue 32666, p6 

    The article reports on the plan of Monroe County, New York, to sell its $75.9 million tax-exempt general obligation bond on July 11, 2007. The plan is duly supported by Standard & Poor, which reportedly assigned a BBB-plus rating with negative outlook to the bonds. If succeeded, the proceeds...


Read the Article


Sign out of this library

Other Topics