Bangkok--24 Feb--Standard & Poor's
Standard & Poor's Ratings Services has corrected and raised its rating on Hillsborough, Calif.'s water and sewer utility variable-rate revenue certificates of participation (COPs) series 2000A to 'AAA/A-1+' from 'AA/A-1+'. The outlook is stable.
On Jan. 12, 2009, Standard & Poor's raised its rating on the utility's COPs to 'AAA' from 'AA' (for more information, please see "26 Western Water And Sewer Issuers Are Upgraded On Revised Criteria," published Jan. 12, 2009, on RatingsDirect). However, we did not contemporaneously raise our rating on the 2000A COPs.
At the same time, Standard & Poor's has reinstated the short-term component of its rating on Hillsborough's water and sewer utility variable-rate revenue COPs series 2003 and 2006, revising its rating to 'AAA/A-1+' from 'AAA.' On Jan. 12, Standard & Poor's incorrectly removed the short-term component of the rating when it raised its rating on the COPs. The short-term component of the rating is based on the standby bond purchase agreement of the liquidity provider, JPMorgan Chase Bank N.A. (AA-/Negative/A-1+).
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and 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. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Judith Waite, New York (1) 212-438-7677
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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Americas Customer Service: (1) 212-438-7280
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