Fitch rates Elsinore Valley Municipal Water COPs AAA/F1+

Fitch Ratings said it assigned an AAA/F1+ rating to the $64.7 million series 2008A Elsinore Valley Municipal Water District, Calif., variable-rate certificates of participation. The outlook is stable.

The certificates are expected to sell via negotiation on July 31.

Proceeds will be used to refund the district's variable-rate series 2000A COPs.

The rating is based on a letter of credit from Dexia Credit Local, rated AA+/F1.

Fitch affirmed it's A+ rating on the district's $195.6 million in outstanding COPs.

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