Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Los Angeles Wastewater System, Calif.'s variable rate refunding subordinates revenue bonds series 2008F-1, 2008F-2, 2008G, and 2008H, due to the bank facility being extended to July 1, 2010. The long-term component of the rating is based jointly (assuming low correlation) on the rating of the obligor, Los Angeles Wastewater System, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on Bank of America N.A. 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
