Fitch rates Eastern Municipal Water COPs AA/F1+

Fitch Ratings said it assigned a rating of AA/F1+ to the $50 million series 2008F and the $50 million series 2008G water and sewer revenue variable-rate certificates of participation issued by the Eastern Municipal Water District, Calif. Fitch also assigned the same rating to the district's $54.8 million series 2008D and the $64.1 million series 2008E water and sewer revenue refunding variable-rate COPs and an AA rating to the series 2008H certificates, whose amount was unspecified.

The outlook is stable.

The series 2008D-G COPs are scheduled to sell via negotiation on July 29. The series 2008H certificates are scheduled to sell via negotiation on Aug. 14.

The ratings for series 2008D-G are based on standby certificate purchase agreements from JPMorgan Chase Bank NA (for series 2008F and G) and Lloyds TSB Bank plc (for series 2008D and E).

Fitch also affirmed its AA long-term rating on the district's $481.7 million of outstanding parity COPs.

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