The affirmed 'AA-' underlying rating (SPUR) on the Sacramento County Sanitation District Financing Authority, Calif.'s $100 million sub lien variable-rate revenue bonds reflects the district's: Large and diverse service area economy; Continued competitive rates at $13.40 per month for a single-family home; Satisfactory legal provisions, with a 1.2x adjusted additional bonds test; A large but manageable five-year capital program ($1.5 billion); and Continued strong financial performance and strong liquidity. The bonds are secured by a second lien on net revenues generated by the system. The Sacramento Regional County Sanitation District (SRCSD) provides conveyance, treatment and disposal services for approximately 92% of the county's 1.1 million residents in a 275 square-mile area. Treatment is provided by a 181 mgd capacity secondary
