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Fitch rates Irvine Ranch, Calif., water debt AA+/F1+, A+/F1+
Fitch Ratings said it assigned an AA+ long-term rating and an F1+ short-term rating to the Irvine Ranch Water District, Calif.'s $68.945 million of certificates of participation refunding series 2008.
The outlook is stable.
Separately, Fitch said it assigned a rating of A+/F1+ to the district's $60.215 million of consolidated refunding bonds, series 2008A, and $100.355 million of consolidated refunding bonds, series 2008B.
The rating on the bonds based on two irrevocable, direct-pay letters of credit issued by Landesbank Baden-Wurttemberg, New York Branch.
Delivery of the bonds is expected on April 24.
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