Standard&Poor's Ratings Services assigned its 'AA' rating to Sacramento County Sanitation District Financing Authority, Calif.'s series 2005 revenue refunding bonds, issued for Sacramento Regional County Sanitation District (SRCSD), based on the strength of the payments made by the regional sanitation district. Standard&Poor's also affirmed its 'AA' underlying rating (SPUR) on the authority's senior debt outstanding. The rating reflects the district's: Diverse economic base, which is anchored by state government; Low rates; Strong financial performance and liquidity; and Conservative fiscal policies and practices. Partially mitigating these strengths are the district's: Large capital improvement program (CIP), which is 80% debt financed, over the next five years; and Potential need to increase rates by 46% through 2009 to support
