SAN FRANCISCO (Standard&Poor's) Feb. 25, 2009-- Standard&Poor's Ratings Services removed the East Bay Municipal Utility District, Calif.'s 'AAA' long-term rating on the water system subordinate lien revenue refunding bonds series 2003 from CreditWatch with negative implications where it was placed Oct. 23, 2008. The outlook is stable. The bonds are insured by Financial Security Assurance Inc. (FSA) (AAA/CWNeg). On Nov. 17, 2008, we removed the underlying rating (SPUR) on this series of bonds from CreditWatch with negative implications and assigned a stable outlook, but we inadvertently did not change the long-term outlook. According to our criteria, the long-term rating of the bonds should reflect the higher of the rating of FSA or the SPUR. Standard&
