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Fitch revises Fresno water revenue bonds outlook to negative
November 9, 2012 / 8:31 PM / in 5 years

Fitch revises Fresno water revenue bonds outlook to negative

SAN FRANCISCO, Nov 9 (Reuters) - Fitch Ratings said on Friday revised its outlook on Fresno, California’s water revenue bond ratings to negative from stable to reflect pressure the city’s water system may face from supporting the city’s general fund.

The revision affects $8.9 million of senior lien bonds that Fitch maintained at an ‘AA’ rating and $154.3 million of subordinate lien bonds the rating agency maintained at an ‘AA-minus’ rating.

The revised outlook followed Fitch’s downgrade on Friday of the implied general obligation bond rating of California’s fifth largest city to ‘BBB-plus’ from ‘A-minus.’ Fitch also lowered its ratings on nearly $168 million of Fresno Joint Powers Finance Authority lease revenue bonds due to the city’s weak finances.

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