Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to East Bay Municipal Utility District (EBMUD), Calif.'s nearly $160 million series 2011A water system revenue bonds. In addition, Standard&Poor's lowered its short-term rating to 'A-1' from 'A-1+' on the district's series 2008B-3 water system variable rate demand bonds (VRDBs) (AAA/A-1), based on the short-term rating of the standby-bond purchase agreement (SBPA) provider, JPMorgan Chase Bank N.A.. At the same time, Standard&Poor's revised its CreditWatch listing to CreditWatch with negative implications from CreditWatch with positive implications on EBMUD's series 2002A and 2002B water system VRDBs (AAA/A-2), based on the rating of its SBPA provider, Dexia Bank S.A. For more information regarding the rating actions on JPMorgan
