S&P rates Metro Water, Utah, bonds AA+/A-1+

Standard & Poor's said it assigned an AA+/A-1+ rating and AA+ underlying rating to the Utah Water Finance Agency's $135.5 million water revenue refunding series 2008B-3 bonds due July 1, 2036, issued on behalf of the Metropolitan Water District of Salt Lake and Sandy City.

The short-term component of the rating represents the likelihood of payment of tenders and reflects a standby bond purchase agreement provided by JPMorgan Chase, NA (AA/A-1+).

The outlook is stable.

Proceeds will be used to refund outstanding variable-rate demand obligations and will maintain the floating to fixed swap.

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