S&P raises Philadelphia's GO debt rating to A-minus

June 14 Fri Jun 14, 2013 4:00pm EDT

June 14 (Reuters) - Standard & Poor's Ratings Services said on Friday it raised Philadelphia's general obligation rating one notch to A-minus from BBB-plus, with a stable outlook.

S&P said the upgrade reflects the Pennsylvania city's "progress in restoring its general fund balance through cost containment as well as stronger revenue streams."

The rating agency also raised its rating on the Philadelphia Redevelopment Authority, Philadelphia Industrial Development Authority and Philadelphia Municipal Authority's GO-equivalent appropriation debt to A-minus from BBB-plus.