Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to the Sacramento County Sanitation Districts Financing Authority, Calif.'s $50 million series 2012A subordinate-lien revenue refunding bonds, issued for the Sacramento Regional County Sanitation District. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the district's existing senior-lien revenue bonds and our 'AA-' long-term rating and SPUR on the district's existing subordinate-lien revenue bonds. The outlook on all the ratings is stable. The ratings reflect our view of the district's: Large, diverse service area encompassing the populated areas of Sacramento County; Adoptions of three years of rate increases through fiscal 2014; and Strong liquidity position, with unrestricted cash representing 972 days of operating expenses
