Fitch revises Oakland, Calif. sewer bond outlook to positive
Aug 16 (Reuters) - Fitch Ratings on Friday revised Oakland, California's sewer revenue bonds rating outlook to positive from stable, affecting about $48.7 million of debt.
The outlook change reflects the sewer system's strong debt service coverage. A series of rate increases also led to "markedly" improved liquidity that has proved "more durable than previously expected."
The rating agency said it could upgrade its rating on the system in the next two years if Oakland imposes a major rate increase currently planned for fiscal 2014.
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