Fitch rates Fresno sewer bonds A+

Fitch Ratings said it assigned an A+ rating to $155.1 million sewer system revenue bonds, 2008 series A, issued by the city of Fresno, Calif.

The bonds are expected to price the week of June 30.

Fitch also assigned an AA- rating to $92.4 million in outstanding 1993 bonds and $37.6 million in outstanding 1995 bonds (about $30 million of which will be refinanced by this issuance). The outlook is stable.

The city's sewer system is in the early stages of a $488 million five-year capital improvement plan. The 2008A bonds will fund phase 1 projects of about $51 million. Phase 2 will be funded with a planned issuance of about $400 million in fiscal 2010, and the remaining funding will come from available revenues and reserves.

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