Fitch Revises Outlook to Stable on Debt Secured by Philadelphia, Pennsylvania's GO Pledge.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Consistent with Fitch's recent revision of the Rating Outlook on the City of Philadelphia, PA's (the city's) general obligation (GO) bonds to Stable from Negative, Fitch revises the Outlook on the following issuers' bonds to Stable from Negative. Fitch affirms the underlying 'BBB+' rating on all of the bonds. The revised Outlook, affects about $2 billion in outstanding debt, which is secured by the city's GO pledge. The city's GO bonds are rated 'BBB+.' Philadelphia Redevelopment Authority Noun 1. redevelopment authority - a public administrative unit given responsibility for the renovation of blighted urban areas administrative body, administrative unit - a unit with administrative responsibilities , PA -- City of Philadelphia Neighborhood Transformation Initiative taxable revenue bonds series 2005A; -- City of Philadelphia Neighborhood Transformation Initiative qualified redevelopment bonds (AMT See vPro. ) series 2005B; -- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2005C; -- City of Philadelphia Neighborhood Transformation Initiative taxable revenue bonds series 2004A; -- City of Philadelphia Neighborhood Transformation Initiative qualified redevelopment bonds (AMT) series 2004B; -- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2004C; -- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2002A; -- City of Philadelphia Neighborhood Transformation Initiative revenue bonds series 2002B. Philadelphia Industrial Development Authority, PA -- City of Philadelphia Retirement System pension funding bonds series 1999A; -- City of Philadelphia Retirement System pension funding bonds series 1999B. Philadelphia Parking Authority, PA -- Parking system revenue bonds, series 1999A. Philadelphia Municipal Authority, PA -- Lease revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. series 2003A; -- Lease revenue refunding bonds series 2003B. Pennsylvania Convention Center The Pennsylvania Convention Center is a multi-use public facility in Philadelphia, Pennsylvania which is designed to accommodate conventions, exhibitions, conferences and other events. Authority, PA -- Refunding revenue bonds series 2005A. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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