S&P lifts Philadelphia's rating by two notches

|By:, SA News Editor

S&P has upgraded Philadelphia for the third time in two years, increasing the city's general-obligation debt rating by two notches to A+ following three years of surpluses. The outlook is stable.

S&P cited a state oversight board called the Pennsylvania Intergovernmental Cooperation Authority as a major reason for Philadelphia's "strong budget performance."

The city's situation appears to stand in marked contrast to that of Chicago, which has huge pension obligations, and bankrupt Detroit.

ETFs: MUB, PZA, MUNI, TFI, ITM, MLN, XMPT, SHM, SUB, PRB, SMB, PVI, SMMU, VRD, GMMB, RVNU