Moody's lifts Philadelphia school debt to Aa3

Moody's Investors Service said is raised the enhanced rating to Aa3 from A1 on Philadelphia School District's $906.2 million of lease rental debt issued through the Pennsylvania State Public School Building Authority.

Moody's said the upgrade of the lease revenue debt reflects its upgrade of the authority's lease revenue intercept program to Aa3 from A1.

Separately, Moody's said it upgraded the enhanced rating to Aa3 from A1 on the district's $1.06 billion of general obligation debt, reflecting the recent upgrade of the Pennsylvania school district fiscal agent agreement intercept program to Aa3.

Moody's also said it assigned an enhanced rating of Aa3 and underlying rating of Baa2 and stable outlook to the district's $254.89 million of general obligation refunding bonds, series A of 2008; $250.85 million of G.O. refunding bonds, series B of 2008; $91.9 million of G.O. refunding bonds, series C of 2008; and $85 million of G.O. refunding bonds, series D of 2008.

Sale of the 2008 bonds is expected on April 23.

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