S&P affirmed its ‘AAA’ rating for PICA’s 2009 and 2010 special tax revenue bonds, citing the strong lien on a dedicated wage tax and declining debt service requirements. The agency views PICA’s oversight role and the non-appropriable nature of the pledged revenues as key strengths.

S&P reaffirmed PICA’s ‘AAA’ rating, highlighting its strong ownership of pledged revenues, which are segregated from both city and state funds. The agency cited the tax revenue’s stability and Philadelphia’s improving economy as key factors.

Fitch Ratings upgraded PICA’s special tax revenue refunding bonds from ‘AA+’ to ‘AAA’ due to strong economic underpinnings, robust coverage, and a secure legal framework. The bonds are backed by a 1.5% wage tax on city residents, with revenues entirely separate from both the City of Philadelphia and the Commonwealth of Pennsylvania.