Standard&Poor's Ratings Services removed from CreditWatch its rating on the City of Oceanside, Calif.'s series 2008 wastewater revenue refunding certificates of participation (COPs), where it was placed Oct. 27, 2009. At the same time, Standard&Poor's affirmed its 'A+' long-term rating on the COPs. The outlook is stable. The CreditWatch removal reflects our assessment of the city's report that the city council passed a 29.5% rate increase to residential wastewater charges and the city's successful completion of its Proposition 218 public notice to customers. It is our understanding that the rate increase was necessary for the city to maintain its rate covenant of 1.15x annual debt service without commensurate expenditure cuts. According to the city, the rate
