Standard&Poor's Ratings Services assigned and affirmed its 'AAA/A-1+' rating on Pittsburgh Water and Sewer Authority, Pa.'s water and sewer system series 2008C-1A, variable-rate demand bonds series 2008C-1B, and first-lien revenue refunding bonds series 2008C-1C, following the addition of letters of credits (LOCs) provided by Northwest Savings Bank, ESP Bank, and Washington Federal Savings Bank, respectively, and a confirming letter of credits (CLOCs) provided by Federal Home Loan Bank of Pittsburgh (AAA/A-1+). Currently, the long-term component of the rating reflects an existing bond insurance policy provided by Financial Security Assurance Inc. (AAA) and a standby bond purchase agreement (SBPA) provided by Dexia Credit Local; going forward, the long-term component of the bond rating will reflect the higher rating of
