Standard&Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Sacramento County Sanitation District Financing Authority, Calif.'s $250 million series 2004B variable-rate revenue bonds, issued for Sacramento Regional County Sanitation District, based on the strength of the payments made by the regional sanitation district. Standard&Poor's also affirmed its 'AA-' rating on the authority's junior-lien debt outstanding. These payments are subordinate to the district's senior-lien bonds outstanding and the series 2004A bonds. Rates on the senior and subordinate bonds continue to be differentiated to reflect the significant amount of subordinate debt, as well as the potential for swap and termination payments on a senior-lien basis being on parity with the subordinate lien. An installment payment made
