Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Pittsburgh Water and Sewer Authority, Pa.'s water/sewer subordinated variable rate demand bond series 2008C-1 due to the bank facility being extended to Oct. 11, 2009. The long-term component of the rating is based on Financial Security Assurance Inc. The short-term component of the rating is based on Dexia Credit Local. The negative outlook is based on the outlook of the bond insurer. USPF Criteria: "Bank Liquidity Facilities," June 22, 2007