Bangkok--1 Sep--Standard & Poor's
Standard & Poor's Ratings Services withdrew its 'A+' underlying rating (SPUR) on South Placer Wastewater Authority, Calif.'s series 2008A and 2008B variable-rate demand refunding wastewater bonds. The rating was withdrawn because the obligor did not want a rating based on the application of our joint-support criteria. Previously, according to our criteria, obligors had the option of requesting a SPUR when a bond rating reflected the rating of a letter of credit (LOC); based on current criteria, however, we provide SPURs in the LOC context only when the bond rating is based on application of our joint-support criteria (see "S&P Addresses Application Of SPURs On LOC-Backed Bond Issues," published Oct. 13, 2008, on RatingsDirect, and "Joint-Support Criteria Update," published April 22, 2009, on RatingsDirect).
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.
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