The 'AAA/A-1+' rating assigned to the Los Angeles Wastewater System, Calif.'s subordinate revenue bonds series 2001 A-D was affirmed upon the substitution of SBPAs from Citibank N.A. ('A-1+') and the Bank of Nova Scotia ('A-1+') for an existing SBPA from FGIC Securities Purchase Inc. ('A-1+') on May 18, 2006. The SBPAs will be severally obligated by the new liquidity banks, with Citibank covering 2001 series A, C, and D, and the Bank of Nova Scotia covering 2001 series B. Both SBPAs will expire on May 12, 2011, unless extended or earlier terminated pursuant to its terms. The long-term component of the rating reflects the bond insurance policy from Financial Guaranty Insurance Co. ('AAA'). The stable outlook reflects the outlook of
