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, 2008D, and 2008E, due to our view of the substitution of direct-pay letters of credit (LOCs) from JPMorgan Chase Bank NA (AA-/A-1+) for LOCs from Bank of Nova Scotia (AA/A-1+) on July 26, 2010. Standard&Poor's also affirmed its 'AAA/A-1' rating on the system's subordinate revenue bonds, variable-rate refunding series 2008F-1, 2008F-2, 2008G, and 2008H, due to our view of the extension of LOCs from Bank of America NA (A+/A-1) through July 26, 2012. The JPMorgan Chase Bank LOCs also expire on July 26, 2012. Finally, Standard&Poor's affirmed its 'AA-' underlying rating (SPUR)
