Fitch assigns BBB+ to Waterbury pension bonds

Fitch Ratings said it assigned a BBB+ rating to the city of Waterbury, Conn.'s $320 million series 2008 taxable general obligation pension bonds.

The bonds are expected to sell via negotiation on July 8. Proceeds will finance a portion of the city's unfunded pension obligation.

Fitch previously issued a rating for these bonds on May 20 but withdrew it on June 2 after the city delayed the sale due to market conditions. The city has since met its savings threshold and decided to issue the bonds.

Fitch affirmed its BBB+ rating on the city's $75.5 million of outstanding G.O. bonds and its AA- rating on its $20.5 million of state capital reserve fund bonds.

The outlook on all bonds is stable.

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