NEW YORK (Standard&Poor's) Feb. 16, 2010--Standard&Poor's Ratings Services has corrected and raised the underlying rating (SPUR) on Huntsville, Ala.'s water revenue warrants series 2008 to 'AAA' from 'AA+'. The outlook on the SPUR remains stable. At the same time Standard&Poor's revised the outlook to stable from negative on the long-term rating (AAA/Stable). The series 2008 warrants are guaranteed by a bond insurance policy from Assured Guaranty Municipal Corp. (AAA/Negative). However, the long-term rating on these warrants is currently based on the warrants' SPUR (AAA/Stable). According to Standard&Poor's criteria, the rating on a fully credit-enhanced bond issuance is the higher of the rating on the credit enhancer and the SPUR on the bonds.
