...Standard & Poor's Ratings Services assigned its '###' long-term rating to the East Bay Municipal Utility District (EBMUD), Calif.'s series 2015A water system revenue bonds. At the same time, Standard & Poor's affirmed its '###' long-term and underlying rating (SPUR) on the district's existing water system revenue bonds (the short-term ratings on the series 2008A and 2008B variable-rate demand bonds -- VRDBs -- are based on the short-term ratings of the standby bond purchase agreement -- SBPA -- providers). Finally, Standard & Poor's affirmed its 'A-1+' short-term rating on the district's extendable commercial paper (ECP) notes (water series). The long-term rating is above that of the U.S. The district has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all of the entity's revenues. This, coupled with operating expense flexibility, limits exposure to federal revenues, in our view. The long-term ratings...
