Fitch rates Los Angeles wastewater bonds AA-

Fitch Ratings said it assigned an underlying AA- rating to the City of Los Angeles' wastewater system subordinate revenue bonds, variable-rate refunding. The bonds rated include an $85 million series 2008-A, $70 million series 2008-B, $50 million series 2008-C, $32 million series 2008-D, $10.1 million series 2008-E, $68.7 million series 2008-F1, $56.7 million series 2008-F2, $36 million series 2008-G and $36 million series 2008-H.

The bonds are variable-rate bonds and will be sold the week of April 28 via negotiation.

Fitch also said it affirmed the AA long-term underlying rating on the city's $1 billion of outstanding wastewater system revenue bonds, which are senior-lien bonds, and its AA- long-term underlying rating on its $603.7 million of outstanding wastewater system subordinate revenue bonds.

The outlook is stable.

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