Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on East Bay Municipal Utility District (EBMUD), Calif.'s outstanding commercial paper (CP) notes. The rating reflects our view of the strong long-term credit quality of EBMUD's revenue bonds, including its subordinated water revenue bonds and subordinated wastewater revenue bonds, which are both rated 'AAA/Stable'. The CP notes are secured by an exclusive lien on net revenues of the respective water and wastewater systems, and are subordinate to both the system's senior-lien (no debt presently outstanding) and its subordinate-lien water and wastewater bonds (AAA). To provide liquidity for the CP program, the district has a revolving credit agreement (RCA) with JPMorgan Chase Bank, National Association (AA-/A-1+). The district's total authorized CP
