Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to the East Bay Municipal Utility District, Calif.'s series 2012A wastewater system revenue refunding bonds. The outlook is stable. The long-term rating is based on our view of the wastewater system's: Mature customer base located in the large and deep San Francisco Bay Area regional economy; Strong liquidity position, which we believe partly mitigates risks associated with a relatively complex debt profile; Good to strong debt service coverage during the past three years; and Wastewater rate increases that have led to solid financial performance. The bonds were issued to refund $20 million of the district's series 2007A wastewater revenue bonds. We understand the 2012A bonds were issued in a private
