S&P lifts Ohio Water Development bonds

Standard & Poor's said the rating on Ohio Water Development Authority's series 2002B bonds has been raised to AAA from AA, reflecting the assignment of a S&P underlying rating to the bonds due to the credit quality of the authority's closed pure water program.

Because the pure water rating is higher than that of MBIA, the long-term rating reflects that of the pure water program. The A-1+ short-term component of the rating is based on State Street Bank and Trust Co., Boston.

In addition, previously rated pure water and fresh water program bonds have been affirmed.

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