Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Pittsburgh Water and Sewer Authority, Pa.'s variable-rate demand water and sewer system first lien revenue refunding bonds series 2008B-1 and 2008B-2. The series 2008B-1 rating is based on joint criteria (assuming low correlation) with a letter of credit (LOC) provided by Bank of America (A+/A-1) and Pittsburg Water and Sewer Authority (A). The series 2008B-2 rating is based on joint criteria (assuming medium correlation) with an LOC provided by PNC Bank (A+/A-1) and Pittsburg Water and Sewer Authority. The Bank of America LOC provides coverage for payments of regularly scheduled principal and interest, as well as for unremarketed tendered bonds for an amount equal to 50 days at the 12%
