Fitch gives A+ rating to M-S-R power agency bonds

Fitch Ratings said it assigned a long-term A+ rating to M-S-R Public Power Agency, Calif.'s $126.615 million San Juan Project subordinate-lien revenue bonds, series 2008L.

In addition, Fitch assigned an underlying A+ rating to the agency's $62.5 million series 2008M, and $18.3 million series 2008N bonds.

The series 2008L bonds are scheduled to price on July 8 and the other two series on July 23.

The 2008M and 2008N bonds are variable-rate demand bonds secured by a letter of credit and are expected to receive structured ratings nearer to closing. The series 2008L bonds are fixed-rate bonds.

All but $10 million of the proceeds will be used to refund existing variable-rate debt.

Fitch also affirmed its A+ rating on $73.65 million outstanding senior-lien San Juan project revenue bonds and $138.33 million outstanding parity subordinate-lien revenue bonds.

The outlook is stable.

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