S&P rates East Bay Municipal Utility, Calif., bonds AA+/A-1+

Standard & Poor's said it assigned AA+/A-1+ ratings to East Bay Municipal Utility District, Calif.'s water system subordinated water revenue refunding bonds, series 2008A, B and C, issued as variable-rate demand obligations.

Separately, S&P said it assigned AA+/A-1+ ratings to the district's wastewater system subordinated revenue refunding bonds, series 2008A, 2008B and 2008C.

The water system issue includes $322.525 million of series 2008A, $100 million of series 2008B and $391.95 million of series 2008C.

The wastewater issue includes $69.3 million of series 2008A, $653 million of series 2008B and $50 million of series 2008C.

The short-term ratings are based on standby purchase agreements (SBPA).

Dexia Credit Local provides the SBPA for the series A water system bonds and the series B and C wastewater bonds. KBC Bank, Lloyd's TSB Bank plc, BNP Paribas the Bank of Nova Scotia provide the SBPA for the series B and C water system bonds. JPMorgan Chase Bank provides the SBPA for the series A wastewater bonds.

All of the banks have A-1+ short-term ratings.

S&P also said it affirmed the AA+ rating and underlying rating on the district's existing subordinated water revenue bonds and subordinated wastewater revenue bonds.

The outlook is stable.

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