Standard&Poor's Ratings Services raised its ratings on East Bay Municipal Utility District (EBMUD), Calif.'s waste system revenue refunding bonds series 2008A-1, 2008A-2, and 2008A-3 to 'AAA/A-1+' from 'AAA/A-1', At the same time, Standard&Poor's revised its rating on series 2008B-3 to 'AAA/A-1+' from 'AAA/NR'. Finally, Standard&Poor's affirmed its 'AAA/A-1' rating on the series 2008A-4 and 2008C bonds. The 'AAA' long-term component of the ratings is based on EBMUD's long-term rating (AAA). The short-term component of the ratings is based on substitute standby bond purchase agreements (SBPAs) provided by several banks as listed below: Series 2008A-1: Royal Bank of Canada (A-1+) Series 2008A-2: Barclays Bank PLC (A-1+) Series 2008A-3: Barclays Bank PLC (A-1+) Series 2008A-4: Bank
