Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' rating on Irvine, Calif.'s Assessment District Number 95-15 bonds. On July 16, 2010, we affirmed the rating assuming that on July 21, additional enhancement in the form of a letter of credit (LOC) from California State Teachers Retirement System (CALSTERS) would be in place to support payment to the bond holders. However, on July 26, we learned that the LOC from CALSTERS did not close and will be delayed by two or more months. Therefore, we are affirming the rating now based upon the support by a LOC from State Street Bank and Trust Company of Boston, Mass. (AA-/A-1+). The State Street Bank and Trust Company of Boston, Mass. LOC is the
