Standard&Poor's Ratings Services assigned its 'AA+/A-1+' ratings to East Bay Municipal Utility District (EBMUD), Calif.'s water system subordinated water revenue refunding bonds, series 2008A, B, and C, issued as variable-rate demand obligations (VRDO). In addition, Standard&Poor's affirmed its 'AA+' rating and underlying rating (SPUR) on the district's existing subordinated water revenue bonds. The outlook is stable. The rating actions reflect the district's: Recent completion of major seismic and capital projects that will add to system reliability and potential available water supply, particularly in dry years; Sufficient supply and infrastructure to serve a broad and mature customer service area with above-average income demographics; Strong financial performance, demonstrated by ongoing strong coverage and cash reserves; and A rate
