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Fitch rates Houston utility bonds A+
Fitch Ratings said it rates Houston's combined utility system first-lien revenue and refunding bonds A+, including the $48.1 million series 2008B and $52.8 million series 2008C.
In addition, Fitch said it upgraded to A+ from A the underlying rating on the city's outstanding $4.1 billion of parity first-lien revenue bonds, including $653.3 million combined utility system first-lien revenue refunding bonds, series 2004B, which are being converted from auction-rate securities and reoffered as variable-rate bonds.
Fitch said it will assign a rating to the bonds based on a direct pay letter of credit prior to the conversion dates.
In addition, Fitch upgraded to AA- from A+ the rating on the city's $786.8 million of outstanding junior-lien water and sewer system revenue bonds, which are senior to the first-lien revenue bonds. The series 2008B&C bonds were privately placed through the Texas Water Development Board, a state agency, on March 26. The series 2004B auction-rate securities are expected to be converted to variable-rate bonds the week of April 7. The outlook is stable.
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