Summary: Sacramento Municipal Utility District, California; Joint Criteria; Retail Electric; Wholesale Electric Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' rating to Sacramento Municipal Utility District (SMUD), Calif.'s SMUD's $150 million combined series 2012L and 2012M subordinate-lien electric revenue bonds, based on the application of our low-correlation joint criteria table, on which the SMUD is rated 'A' (subordinate lien) and the letter of credit (LOC) provider, U.S. Bank N.A., is rated 'A/A-1'. Standard & Poor's also affirmed its 'A+' long-term rating and underlying rating (SPUR) on the district's previously issued senior-lien revenue bonds and its 'A' SPUR on the district's previously issued subordinate-lien revenue bonds. The outlook on all ratings is stable. The LOCs provide coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds....

Companies mentioned in this report are:
- Sacramento Mun Util Dist

Action: Affirmed
Action: New Rating
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.

- Sacramento Mun Util Dist

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