Standard&Poor's Ratings Services affirmed the following ratings for East Bay Municipal Utility District (EBMUD), Calif.: Our 'AAA' long-term rating and underlying rating (SPUR) on the district's water system subordinated water revenue refunding bonds; Our 'A-1+' short-term rating on the district's series 2009A-1 and series 2009A-2 water system subordinated water revenue refunding bonds; and Our 'A-1+' short-term rating on the district's extendible commercial paper (ECP) notes (water series). The outlook on the long-term rating and SPUR is stable. A subordinate pledge of net water revenues secures the subordinated water revenue and refunding bonds. There are no senior bonds outstanding, and the district has covenanted pursuant to the indenture that it will not issue additional senior water bonds. As such,
