Wachovia Bank N.A., municipal exempt receipts liquidity optional tender, series 2006B32, relating to City Of Philadelphia water and wastewater revenue bonds, series 2005A, are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated, FSA-insured underlying bond. The short-term component of the rating is based on the liquidity facility provided by Wachovia Bank N.A. until Nov. 27, 2007. Stable outlook based on bond insurance.