Montecito Sanitary Raised to AA by S&P

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA from AA-minus on California Special District Association Finance Corporation's series 2007UU certificates of participation, issued for Montecito Sanitary District.

The corporation is a nonprofit public benefit corporation created for the purpose of aiding special districts with the financing of projects. The outlook is stable.

"The raised ratings are based on our view of the system's strong debt service coverage and improved liquidity position during the past three years that outperformed the prior forecast, and lack of additional debt needs anticipated during the next five years," said Standard & Poor's credit analyst Tim Tung.

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