Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on East Bay Municipal Utility District (MUD), Calif.'s series 2008A wastewater system subordinated revenue refunding bonds. The rating reflects the district's: Very strong financial management, with ample cash liquidity equal to more than 97 days' operations and debt service coverage (DSC) of no less than 1.51x -- both historically and projected; Broad and diverse underlying economy in the San Francisco East Bay; Substantial completion of a large capital improvement program (CIP) with a mostly maintenance-oriented program during the five-year planning horizon; and Annual inflation-based rate increases that are scheduled to continue. The system's rate structure is above average among comparable systems and somewhat offsets these strengths. Management strength almost entirely offsets
