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 (wastewater series). The rating reflects our opinion of the strong long-term credit quality of EBMUD's revenue bonds, including its subordinated wastewater revenue bonds, which are rated 'AAA/Stable'. The extendable CP (wastewater series) notes will be issued and secured by an exclusive lien on net revenues of the wastewater system, subordinate to both the system's senior-lien (no debt presently outstanding) and its subordinate-lien wastewater bonds (AAA). The extendable CP (wastewater series) notes may also be retired from the proceeds of future extendable (wastewater series) notes or from the proceeds of any future subordinated wastewater revenue bond issues. The
