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Applicable Criteria and Related Research: <br />U.S. Water and Sewer Revenue Bond Rating Criteria <br />http://www.fitchratings.com/creditdesk/reports/report <br />Water and Sewer Medians <br />http://www.fitchratings.com/creditdesk/reports/report_ <br />2015 Outlook: Water and Sewer Sector <br />http://www.fitchratings.com/creditdesk/reports/report_ <br />Revenue -Supported Rating Criteria <br />http://www.fitchratings.com/creditdesk/reports/report_ <br />rt <br />_frame.cfm?rpt_id=715275 <br />frame.cfm?rpt_id=818409 <br />frame. c fm?rpt_id=818410 <br />frame. c fm?rpt_i d=75 0012 <br />ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS <br />AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND <br />DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/ <br />UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE <br />TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S <br />PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND <br />METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE <br />OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, <br />COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO <br />AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE <br />PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED <br />THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD <br />ANALYST IS BASED IN AN EU -REGISTERED ENTITY CAN BE FOUND ON THE ENTITY <br />SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. <br />49 <br />