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'AAA' Rating Assigned To East Bay Municipal Utility District, CA's Nearly $160 Million Water Revenue Bonds Dec 11
Standard & Poors, Dec 2011
Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 22, 2011-- Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to East Bay Municipal Utility District (EBMUD), Calif.'s nearly $160 million series 2011A water system revenue bonds. In addition, Standard & Poor's lowered its short-term rating to 'A-1' from 'A-1+' on the district's series 2008B-3 water system variable rate demand bonds (VRDBs) (AAA/A-1), based on the short-term rating of the standby-bond purchase agreement (SBPA) provider, JPMorgan Chase Bank N.A.. At the same time, Standard & Poor's revised its CreditWatch listing to CreditWatch with negative implications from CreditWatch with positive implications on EBMUD's series 2002A and 2002B water system VRDBs (AAA/A-2), based on the rating of its SBPA provider, Dexia Bank S.A. For...
Companies mentioned in this report are: East Bay Mun Util Dist,JPMorgan Chase Bank N.A.,Dexia Bank S.A.
Action: Downgraded
Action: New Rating
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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