S&P rates Los Angeles wastewater bonds AA-/A-1+

Standard & Poor's said it assigned an AA-/A-1+ rating and AA- underlying rating to the Los Angeles Wastewater System's $246.315 million of bonds, series 2008 A, B, C, D and E, based on a direct-pay letter of credit from Bank of Nova Scotia.

S&P also said it assigned an AA+/A-1+ rating and AA- underlying rating to the system's $198.285 million of bonds, series 2008 F-1, F-2, G and H, based on a letter of credit from Bank of America, NA.

The bonds include $84.73 million of series 2008A, $69.78 million of 2008B, $49.84 million of 2008C, $31.9 million of 2008D, $10.065 million of 2008E, $68.51 million of 2008F-1, $57.115 million of 2008F-2, $36.33 million of 2008G and $36.33 million of 2008H.

The outlook is stable.

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