Fitch assigns AA to Metro Water District of Salt Lake bonds

Fitch Ratings said it assigned an AA rating to $135.5 million Utah Water Finance Agency series B program revenue bonds (variable-rate demand bonds), series B-3, to be issued on behalf of the Metropolitan Water District of Salt Lake and Sandy.

In addition, Fitch affirmed the AA rating on the district's $253.1 million in outstanding parity bonds, of which $119.3 million will be refunded by the series B-3 bonds.

The outlook is stable.

The bonds are expected to be sold as a conduit offering issued on behalf of the district by the Utah Water Finance Agency. The negotiated sale is scheduled for June 4.

Closer to pricing, Fitch expects to assign both an enhanced long-term and a short-term rating on the series B-3 bonds based on a liquidity facility provided by JPMorgan Chase Bank, NA.

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