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Philadelphia Debt Rating Increased Two Steps to A+ by S&P

Philadelphia had its general-obligation debt rating raised two steps to A+ by Standard & Poor’s after three fiscal years of surpluses.

The rating company also gave a stable outlook and credited a state oversight board called the Pennsylvania Intergovernmental Cooperation Authority with the financial improvement of the nation’s fifth-most populous U.S. city. The municipality had $1.44 billion in general-obligation debt as of Oct. 31, according to bond-offering documents.