Standard&Poor's Ratings Services raised its rating on Philadelphia, Pa.'s water and wastewater revenue bonds, variable-rate series 1997B to 'AAA/A-1+' from 'AA/A-1+' following the addition of a letter of credit provided by Bank of America (AA+/A-1+).and the subsequent Standard&Poor's joint application assuming low correlation between the Standard&Poor's 'A' underlying rating (SPUR) on the city of Philadelphia. Please see "Philadelphia, Pa.", RatingsDirect, Aug. 15, 2008, for further information on the SPUR. The City has released and discharged its existing bond insurance policy from Ambac (AA), and replaced it with a direct-pay, irrevocable LOC. The new credit enhancement facility will become effective on Sept. 10, 2008. In general, financial guaranty policies are noncancellable unilaterally by either the
