Standard&Poor's Ratings Services revised its rating and underlying rating (SPUR) on East Bay Municipal Utility District (EBMUD), Calif.'s existing subordinated wastewater revenue bonds to 'AA+' from 'AA' and assigned its 'AA+' rating to the district's $90.6 million series 2007A and B subordinated wastewater revenue bonds. The rating actions reflect the district's: Very strong financial management, with ample cash liquidity equal to more than 250 days' operations and debt service coverage (DSC) of no less than 1.62x both historically and projected; A broad and diverse underlying economy in the San Francisco East Bay Area; Substantial completion of a large capital improvement program (CIP), with a mostly maintenance-oriented program over the five-year planning horizon; and Annual inflation-based rate increases that
