$350 million of debt affected. Letters of credit provided by Barclays Bank, PLC, PNC Bank N.A., and Wells Fargo Bank, N.A.
New York, November 16, 2012 -- Moody's Rating
Issue: Series A SubSer. A-1; Rating: P-1; Sale Amount: $42,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series A SubSer. A-2; Rating: P-1; Sale Amount: $28,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series A SubSer. A-3; Rating: P-1; Sale Amount: $47,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series B SubSer. B-1; Rating: P-1; Sale Amount: $42,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series B SubSer. B2; Rating: P-1; Sale Amount: $28,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series B SubSer. B-3; Rating: P-1; Sale Amount: $47,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series C SubSer. C-1; Rating: P-1; Sale Amount: $41,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series C SubSer. C-2; Rating: P-1; Sale Amount: $27,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Issue: Series C SubSer. C-3; Rating: P-1; Sale Amount: $48,000,000; Expected Sale Date: 12/18/12; Rating Description: Letter of Credit -- Direct Pay
Moody's Investors Service has assigned P-1 ratings to the City of Philadelphia, Pennsylvania Airport Revenue Commercial Paper Notes Series A, Subseries A-1, A-2 and A-3 (Tax-Exempt Non-AMT), Series B, Subseries B-1, B-2 and B-3 (Tax-Exempt AMT) and Series C, Subseries C-1, C-2 and C-3 (Federally Taxable) (Philadelphia Airport System) (collectively, the Notes). The ratings are based upon the letters of credit (LOCs) provided by Barclays Bank, PLC (supporting Subseries A1, B-1 and C-1), PNC Bank, National Association (supporting Subseries A2, B-2 and C-2) and Wells Fargo Bank, National Association (supporting Subseries A-3, B-3 and C-3) (collectively, the Banks).
SUMMARY RATING RATIONALE
The ratings are based upon the structure and legal protections of the transaction which provide for timely payments of principal and interest to the Noteholders, and Moody's evaluation of the credit quality of the Banks issuing the letters of credit. Moody's currently rates Barclays Bank, PLC's (Barclays) long-term and short-term issuer ratings A2 and P-1, respectively. PNC Bank, National Association (PNC) currently is rated A2 and P-1 for its long-term and short-term other senior obligations (OSO), respectively, and Wells Fargo Bank, National Association (Wells Fargo) is rated Aa3 and P-1 for its long-term and short-term OSO, respectively.
WHAT COULD CHANGE THE RATING-UP
WHAT COULD CHANGE THE RATING-DOWN
The ratings on an applicable Series of Notes would be downgraded if Moody's were to downgrade the short-term rating of the applicable letter of credit Bank.
PRINCIPAL METHODOLOGY USED
The principal methodology used in this rating was Moody's Methodology for Rating U.S. Public Finance Transactions Based on the Credit Substitution Approach published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
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Jacek Stolarz Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653David A. ParsonsAsst Vice President - Analyst Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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