Summary
Philadelphia’s credit ratings were reaffirmed at A1 by Moody’s and A+ by both S&P and Fitch—the highest the City has received in over 40 years, though still below most peer cities. Rating agencies highlighted strong reserves, declining debt, and the fiscal governance required under the PICA Act as key strengths, while noting long-term risks tied to pension funding, structural deficits, and a constrained tax base. The report encourages continued focus on building reserves, managing liabilities, and growing the local economy to secure potential future upgrades.