New York, October 07, 2016 -- Moody's Investor Service, at the request of Pittsburgh Water and Sewer Authority (the Authority), has reviewed documents submitted to us in connection with the issuance of a substitute letter of credit (LOC) in support of The Pittsburgh Water and Sewer Authority Water and Sewer System First Lien Revenue Refunding Bonds, Series B-2 of 2008 (the Bonds). The substitute letter of credit will be provided by PNC Bank, National Association (the Bank), and will replace the current letter of credit issued by Royal Bank of Canada.

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