Standard&Poor's Ratings Services assigned its 'AAA/A-1+' ratings to Pittsburgh Water and Sewer Authority, Pa.'s water and sewer system variable-rate demand first lien revenue refunding bonds series 2008B, 2008C-1, 2008C-2, and 2008D-2. The long-term component of the ratings on each series is based on an insurance policy provided by 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 ratings on series 2008C-2 and 2008D-2 represents the likelihood of payment of tenders and reflects two separate standby bond purchase agreements (SBPAs) provided by JPMorgan Chase N.A. (AA/A-1+). The short-term component of the ratings on series 2008B and 2008C-1 represents the likelihood of
