Standard&Poor's Ratings Services raised its long-term and underlying rating (SPUR) to 'AA' from 'AA-' on the Cucamonga Valley Water District, Calif.'s existing senior-lien water certificates of participation (COPs) and water revenue bonds. At the same time, Standard&Poor's assigned its 'AA-' long-term rating to the district's series 2012 water revenue bonds. The outlook on all ratings is stable. The raised rating on the senior-lien bonds is based on our view of the district's improving debt service coverage, improving liquidity position, and the closing of the senior lien to new debt. The subordinate-lien bonds are rated one notch lower due to the subordinate position in the capital structure, with substantial debt still on the senior lien. The ratings
