New York, May 20, 2016 -- Moody's Investor Services has assigned A1/VMIG 1 ratings to The School District of Philadelphia General Obligation Refunding Bonds, Series A of 2016, Series B of 2016 and Series C of 2016 (the "Bonds") based on credit and liquidity support in the form of letters of credit ("LOCs") provided by Bank of America, N.A. ("BofA") for Series A and Series B and PNC Bank, N.A. ("PNC") for Series C.

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