May 30 - Standard & Poor's Ratings Services said today it corrected its rating on Long Island Water Corp.'s $16 million 4.9% senior secured water facility revenue bonds maturing Oct. 1, 2034 (ISIN: US649851BM31) by raising it to BBB/Developing from B/Negative. Because of an administrative error, we did not raise the rating on this issue when it was re-insured by National Public Finance Guarantee Corp., a subsidiary of MBIA, in 2008. RATINGS LIST Rating Raised To From Long Island Water Corp. $16 mil. 4.9% senior secured bonds BBB/Developing B/Negative Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.