Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to East Bay Municipal Utility District (EBMUD), Calif.'s extendable commercial paper (CP) notes (water series). The rating on the water notes reflects our view of the strong long-term credit quality of EBMUD's revenue bonds, including its subordinated water revenue bonds, which are rated 'AAA/Stable'. The extendable CP (water series) notes will be issued and secured by an exclusive lien on net revenues of the water system, subordinate to both the system's senior-lien (no debt presently outstanding) and its subordinate-lien wastewater bonds (AAA). The extendable CP (water series) notes may also be retired from the proceeds of future extendable (water series) notes or from the proceeds of any future subordinated water
