Standard&Poor's Ratings Services assigned its 'AA+/A-1' rating to the East Bay Municipal Utility District (EBMUD), Calif.'s $160 million wastewater system subordinated revenue refunding variable rate demand obligation (VRDO) bonds series 2008B. 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 structure that remains competitive while keeping pace with inflation. The above strengths mitigate concerns about the district's large $1.3 billion capital plan through 2012 and its debt
