Philadelphia (City of) PA -- Moody's Affirms P-1 LOC-Backed Ratings of Philadelphia, PA Airport CP Notes

New York, September 09, 2016 -- Moody's Investors Service has affirmed the P-1 LOC-backed ratings of the City of Philadelphia Airport Revenue Commercial Paper Notes, Philadelphia Airport System, Subseries A-1 (Non-AMT), Subseries B-1 (AMT) and Subseries C-1 (Taxable) (collectively, the Notes). The affirmations are issued in connection with the substitution of the current letter of credit (LOC) supporting the Notes provided by Barclays Bank with a new LOC to be provided by Sumitomo Mitsui Banking Corporation (the Bank). The substitution is scheduled to occur on September 16, 2016.

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