New York, May 26, 2016 -- Moody's Investors Service has downgraded to Aa2 from Aa1 the long-term letter of credit (LOC) backed rating assigned to the City of Philadelphia, Pennsylvania General Obligation Multi-Modal Refunding Bonds, Series 2009B (the Bonds). The short-term VMIG 1 has been affirmed. The rating actions are a result of the substitution of the existing LOC provided by the Bank of New York Mellon with an alternate LOC to be provided by Barclay's Bank PLC (the Bank) scheduled to take effect May 26, 2016.
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