Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on East Bay Municipal Utility District (EBMUD), Calif.'s extendable commercial paper (CP) notes (wastewater series). The rating reflects our opinion of the strong long-term credit quality of EBMUD's wastewater revenue bonds, which are rated 'AAA/Stable'. (For more information about the wastewater system, please see the article published Dec. 28, 2012, on RatingsDirect on the Global Credit Portal. ) The extendable CP (wastewater series) notes are secured by a lien on net revenues of the wastewater system, subordinate to the district's long-term wastewater bonds. The extendable CP (wastewater series) notes may also be retired from the proceeds of future notes or from the proceeds of any future wastewater revenue bond issuances.
