Summary: Pittsburgh Water & Sewer Authority, Pennsylvania; Joint Criteria Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA/A-1+' ratings on Pittsburgh Water & Sewer Authority, Pa.'s water/sewer subordinate variable-rate debt bonds series 2008B2; and 2008C-1A, C-1B, and C-1C, respectively, due to their bank facilities being extended to Oct. 22, 2013, and Nov. 9, 2012. The long-term component of the rating on series 2008B2 is based jointly (assuming medium correlation) on the ratings on the obligor, Pittsburgh Water & Sewer Authority and the letter of credit provider, PNC Bank N.A., Pittsburg, Pa. The short-term component of the rating is based solely on the rating on PNC Bank N.A., Pittsburg, Pa. The long-term component of the rating on series 2008C-1A, C-1B, and C-1C is based jointly (assuming low correlation) on...

Companies mentioned in this report are: Pittsburgh Wtr & Swr Auth
Action: Affirmed

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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.

Pittsburgh Wtr & Swr Auth

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