Standard&Poor's Ratings Services withdrew its 'AA+/A-1+' rating from East Bay Municipal Utility District (EBMUD), Calif.'s water system subordinated water revenue refunding bonds, series 2008B, as the debt, series 2005C, will remain in an auction-rate mode without liquidity support. In addition, Standard&Poor's affirmed its 'AA+/A-1+' rating on EBMUD's series 2008C (various) water system subordinated water revenue refunding bonds, issued as variable-rate demand obligations (VRDO). The affirmation on the short-term rating is based on the replacement of participation of liquidity banks prior to the issuance of the bonds. The rating actions reflect the district's: Recent completion of major seismic and capital projects that will add to system reliability and potential available water supply, particularly in dry years; Sufficient
