Standard&Poor's Ratings Services raised it rating to 'AA+' from 'AA' on East Bay Municipal Utility District (Special District No. 1), Calif.'s wastewater system GO refunding bonds, reflecting: The district's strong and diverse economic base; Very strong financial management, with good cash reserves; and A growing tax base with very strong per capita assessed value (AV). The bonds are secured by the district's full faith and credit pledge to levy an ad valorem tax on property within the district sufficient to meet debt service on the bonds. The district also has outstanding subordinate lien wastewater revenue bonds that are not secured by the district's GO pledge. $36 million in wastewater GO bonds remained outstanding as of June 30, 2006.
