Bangkok--12 May--Standard & Poor's
Standard & Poor's Ratings Services corrected and lowered its rating on the Calleguas-Las Virgenes Public Financing Authority, Calif.'s revenue bonds issued for the Calleguas Municipal Water District to 'AA+/A-1+' from 'AAA/A-1+'. The long-term rating is on CreditWatch with negative implications.
The rating reflects a direct-pay letter of credit from Wells Fargo Bank N.A. Due to an administrative error, the rating on the bonds was not correctly linked to that of Wells Fargo Bank N.A. when the bonds were originally rated on April 4, 2008. As a consequence, the rating did not incorporate any subsequent changes to the bank's rating. The new rating reflects the current rating of Wells Fargo Bank N.A. (AA+/A-1+/Watch Neg).
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Lawrence Witte, San Francisco (1) 415-371-5037
Renee J Berson, New York (1) 212-438-7966