Summary: East Bay Municipal Utility District, California; CP; Water/Sewer Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's Ratings Services affirmed the following ratings for East Bay Municipal Utility District (EBMUD), Calif.: Our 'AAA' long-term rating and underlying rating (SPUR) on the district's water system subordinated water revenue refunding bonds; Our 'A-1+' short-term rating on the district's series 2009A-1 and series 2009A-2 water system subordinated water revenue refunding bonds; and Our 'A-1+' short-term rating on the district's extendible commercial paper (ECP) notes (water series). The outlook on the long-term rating and SPUR is stable. A subordinate pledge of net water revenues secures the subordinated water revenue and refunding bonds. There are no senior bonds outstanding, and the district has covenanted pursuant to the indenture that it will not issue additional senior water bonds. As such,...

Companies mentioned in this report are:
- East Bay Mun Util Dist

Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- East Bay Mun Util Dist

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