Fitch gives AA-/F1+ to Los Angeles wastewater bonds

Fitch Ratings said it assigned an AA-/F1+ rating to the City of Los Angeles Wastewater System subordinate revenue bonds, variable-rate refunding, series 2008A, 2008B, 2008C, 2008D and 2008E.

Fitch also said it assigned an AA/F1+ rating to the system's series 2008F-1, 2008F-2, 2008G and 2008H bonds.

The issue consists of $84.73 million of series 2008A, $69.78 million of 2008B, $49.84 million of 2008C, $31.9 million of 2008D, $10.065 million of 2008E, $68.51 million of 2008F-1, $57.115 million of 2008F-2, $36.33 million of 2008G and $36.33 million of 2008H.

The AA-/F1+ ratings are based on letters of credit from Bank of Nova Scotia, New York Agency. The AA/F1+ ratings are based on letters of credit from Bank of America, NA.

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