Standard&Poor's Ratings Services affirmed its 'AAA/A-1' and rating on Sacramento County Sanitation Districts Financing Authority, Calif.'s subordinate lien variable-rate refunding revenue bonds series 2008A, 2008B, 2008C, and 2008D, and its 'AAA/A-1+' rating on series 2008E, all issued for Sacramento Regional County Sanitation District. This action follows our review of documentation for upcoming substitute direct-pay letters of credit (LOCs) provided by JPMorgan Chase Bank N.A. (AA-/A-1+) for series 2008A and 2008E and Morgan Stanley (AA-/A-1+) for 2008B and 2008D, as well as an extension of the LOC provided by Bank of America N.A. (A+/A-1) for series 2008C. On the effective date of substitution, the long-term component of the rating wi ll reflect the application of joint criteria (assuming low
