Standard&Poor's Ratings Services removed its rating on Pittsburgh Water and Sewer Authority, Pa.'s water and sewer system variable-rate demand bonds first lien revenue refunding bonds, 2008 series C-1, C-2, and D-2 from CreditWatch with negative implications. This action follows Standard&Poor's removal of Financial Security Assurance Inc., the bond insurer, from CreditWatch with negative implications. The long-term component of the rating for both series is based on Financial Security Assurance Inc. The short-term component of the rating on the series C-2 and D-2 is based on JPMorgan Chase Bank N.A. The short-term component of the rating on the series C-1 is based on Dexia Credit Local. The negative outlook is based on the outlook of the bond
