Bangkok--4 Nov--Standard & Poor's
Standard & Poor's Ratings Services withdrew its rating on the Los Angeles Wastewater System, Calif., 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 an underlying rating (SPUR) when a bond rating reflected the rating of a letter of credit (LOC). However, based on current criteria, we provide SPURs in the LOC context only when the bond rating is based on application of our joint-support criteria. (For more information, 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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