Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' rating on Irvine, Calif.'s Assessment District Number 95-15 bonds based on the revision of enhancement expected to occur on July 21, 2010. Currently, all of the bonds are supported by a letter of credit (LOC) from State Street Bank and Trust Company of Boston, Mass. (AA-/A-1+). It is expected that on July 21, 2010, the bonds will still be supported by the existing LOC, and also by an LOC issued by California State Teachers Retirement System (AA-/A-1+). Each LOC will support 50% of the existing bonds outstanding. Each LOC is sized at 57 days of interest coverage at the maximum rate of 12%. Each LOC is anticipated to expire on Aug. 18,
