Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR), and stable outlook, on Sacramento County Sanitation District Financing Authority, Calif.'s bonds, issued for Sacramento Regional County Sanitation District (SRCSD), based on the strength of the payments made by the regional sanitation district. These payments are subordinate to the district's senior-lien bonds outstanding. The ratings 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 by the regional sanitation district to the authority secures the bonds. The rating reflects the district's: Diverse economic base, which is
