Standard&Poor's Ratings Services lowered its rating on Pittsburgh Water and Sewer Authority, Pa.'s water and sewer system first lien variable-rate demand revenue refunding bonds series 2008D-2 to 'AAA/A-1' from 'AAA/A-1+'. The outlook remains negative. The long-term component of the rating is based on an insurance policy provided by Assured Guaranty Municipal Corp., formerly known as Financial Security Assurance Inc. (AAA/Stable), and represents the likelihood that the debt service will be repaid over the life of the issues. The short-term component of the rating represents the likelihood of payment of tenders and reflects a standby bond purchase agreements (SBPAs) provided by PNC Bank N.A. (A-1). Effective Aug. 5, 2010, the SBPA will provide coverage for principal and 34 days
