PHILADELPHIA, April 27, 2020 – The City of Philadelphia received some rather promising news this past week amid the fight against the spread of COVID-19. Philadelphia Gas Works (“PGW”) announced that the utility has earned a ‘positive’ outlook from Fitch Ratings, an upgrade from its previous ‘stable’ standing, and that it now has a top bond rating of BBB+, according to Moody’s Investors Services. Councilmember Derek Green (At-Large), who also serves as Chair of the Philadelphia Gas Commission, addressed the findings in the following statement:
“This news of PGW’s positive outlook is more than needed and welcomed at this current time. This is truly a testament to the diligence, dedication, and hard work of PGW’s employees, under President and CEO Craig White’s leadership. Further, it demonstrates the vision and cooperation between Mr. White, Seth Shapiro (Board Chair, Philadelphia Facilities Management Corporation, and Keith Holmes (President, Gas Works Employees Union, Local 686) to make sure that PGW can evolve efficiently and carry on its 184-year legacy.
“Our commitment to our residents and business owners continues to be a top priority. We must always be thinking of new, innovative ways to generate revenue that ultimately won’t cost ratepayers more money – primarily those who cannot afford it. I applaud Mayor Kenney, my colleagues of the Gas Commission and the PGW family for their tireless efforts to create a more sustainable Philadelphia for future generations.”
The full press release is available to view here.
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