Fitch gives AAA rating to Virginia Resources Authority bonds

Fitch Ratings said it assigned an AAA rating to the Virginia Resources Authority's $179.5 million clean water state revolving fund revenue bonds, subordinate series 2008. The outlook is stable.

The bonds are scheduled to price on July 30 via negotiation. Proceeds will be used to provide loans at below-market rates to 10 local governments for wastewater quality improvement projects.

Fitch also affirmed the AAA ratings on the authority's outstanding $405.2 million subordinate clean water state revolving fund revenue bonds and $149.8 million series 2004 senior clean water state revolving fund revenue bonds.

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