Standard&Poor's Ratings Services assigned its 'AA-' rating to Cucamonga Valley Water District, Calif.'s series 2009 certificates of participation (COPs). Standard&Poor's also affirmed its 'AA-' underlying rating (SPUR) on the district's outstanding water revenue COPs. The rating reflects our view of the district's: Broad and diverse service area in western San Bernardino County, with good access to greater Southern California; Demonstrated track record of regularly increasing service rates, which has lessened the district's reliance on one-time connection fees to support coverage; and Recent history of consistently good debt service coverage and strong liquidity levels. In our opinion, tempering the district's rating is economic slowing in the district service area, particularly in the housing market, which has led
