UPDATE 1-Fitch raises Alaska's outstanding GOs to AAA

Mon Jan 7, 2013 3:28pm EST

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Jan 7 (Reuters) - Fitch Ratings on Monday raised Alaska's outstanding general obligation bond rating to AAA from AA-plus with a stable outlook, affecting about $575.8 million of debt, the rating agency said in a statement.

Fitch said the upgrade reflects the state maintaining "very substantial and growing reserve balances and the continuation of conservative financial management practices at a time of strong revenue performance."

In addition, Fitch assigned its AAA rating to Alaska's upcoming negotiated sale of $11.9 million of taxable qualified school construction bonds and $153.2 million of GOs.