Standard&Poor's Ratings Services confirmed its 'AA-/A-1+' rating on Irvine, Calif.'s series 1997 variable-rate bonds, due to the bank facility being extended to July 3, 2017. The long-term and short-term components of the rating are based on the ratings on the letter of credit provider, State Street Bank&Trust Co. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, Feb. 20, 2015