Fitch Ratings has upgraded Pennsylvania Intergovernmental Cooperation Authority (PICA) special tax revenue refunding bonds to 'AAA' from 'AA+':

The outstanding bonds are limited obligations of the authority payable from pledged revenues, consisting of a 1.5% tax on wages and other compensation earned by city residents, as well as the net profits earned in business, professions, and other activities conducted by residents.

The 'AAA' rating reflects solid economic underpinnings supporting pledged revenues, robust coverage through economic cycles and a strong legal framework that explicitly separates pledged revenues from the city and theĀ commonwealth.

For the full report, click here.