Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Los Angeles Wastewater System, Calif.'s subordinate revenue Bonds, variable rate refunding series 2008A, 2008B, 2008C, and 2008D, due to the bank facility being extended to July 16, 2010. The long-term component of the rating is based jointly (assuming low correlation) on the rating of obligor, Los Angeles Wastewater System, and the letter of credit provider, Bank of Nova Scotia. The short-term component of the rating is based solely on Bank of Nova Scotia. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009 Criteria: Joint Support Criteria Update, April 22, 2009 USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007
