Semitropic Water Storage District, CA Wells Fargo LOC-Backed Rating Corrected And Cut To 'AA+/A-1+'; On Watch Neg

Standard & Poor's Ratings Services placed its 'AA+/A-1+' rating on Semitropic Water Storage District, Calif.'s series 2008A on CreditWatch with negative implications. This issue receives credit enhancement through a direct-pay, irrevocable letter of credit (LOC) provided by Wells Fargo Bank N.A. The CreditWatch placement reflects Standard & Poor's placement of Wells Fargo & Co. and its related entities on CreditWatch with negative implications (please see "Wells Fargo & Co. 'AA/A-1+' Rating Placed On CreditWatch Negative", RatingsDirect, May 4, 2009). On May 1, 2009, Standard & Poor's had corrected and lowered its rating on Semitropic Water Storage District, Calif.'s series 2008A to 'AA+/A-1+' from 'AAA/A-1+'. Due to an administrative error, we did not recognize the downgrade of Wells Fargo Bank to AA+/Negative/A-1+ from AAA/Watch Neg/A-1+ (please see "Twelve Major U.S. And European Financial Institutions Have Ratings Lowered, Outlooks Revised", RatingsDirect, Dec. 19, 2008). RELATED RESEARCH USPF Criteria: "LOC-Backed Municipal Debt," July 2, 2007 Complete ratings information is available to 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; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating. Media Contact: Ana Sandoval, New York (1) 212-438-5095, [email protected] Analyst Contacts: Edward Ubiera, New York (1) 212 438 2034 Ryan Butler, New York (1) 212-438-2122 Key Contacts: Americas Media Relations: (1) 212-438-6667 media_ [email protected] Americas Customer Service: (1) 212-438-7280 [email protected]

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