Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on the East Bay Municipal Utility District, Calif.'s series 2009A-1 water system revenue refunding bonds. A subordinate pledge of net water revenues secures the subordinated water revenue and refunding bonds. There are no senior bonds outstanding, and the district has covenanted (pursuant to the indenture) that it will not issue additional senior water bonds. As such, the subordinate lien is the "working" lien. The district also operates a separate wastewater enterprise that issues its own revenue bonds. The series 2009A-1 bonds are being reoffered to pay the purchase price of the 2009A-1 bonds mandatorily tendered on Dec. 1, 2011. The reoffered bonds will be subject to mandatory tender on Dec.
