S&P gives AAA/A-1 to Irvine Ranch, Calif., water COPs

Standard & Poor's said it assigned an AAA/A-1 rating to the Irvine Ranch Water District, Calif.'s $68.7 million of refunding series 2008 certificates of participation (COPs).

S&P also said it raised the underlying rating to AAA from AA+ on the district's series 2002 senior-lien COPs.

The short-term component of the rating on the 2008 COPs is based on a standby bond purchase agreement provided by Landesbank Baden-Wuttemberg, which is rated A+/A-1.

The outlook is stable.

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