Standard&Poor's Ratings Services confirmed its 'AAA/A-1' rating on Santa Clara County Financing Authority, Calif.'s series 2008M variable-rate demand refunding lease revenue bonds, issued for Santa Clara County, due to the bank facility being extended to Aug. 13, 2018. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, Santa Clara County, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the short-term rating on Bank of America N.A. USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009 Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, Feb.
