Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to the East Bay Municipal Utility District (EBMUD), Calif.'s $200 million series A-1 and $160 million series A-2 commercial paper (CP) notes (water series). At the same time, Standard&Poor's affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the district's existing water system revenue bonds. (The 'A-1+' short-term rating on the series 2008A and 2008B variable-rate demand bonds, or VRDBs, is based on the short-term ratings on the standby bond purchase agreement, or SBPA, providers.) Finally, Standard&Poor's affirmed its 'A-1+' short-term rating on the district's extendable CP (ECP) notes (water series). The outlook, where applicable, is stable. The ratings reflect our view of the district's:
