Fitch rates M-S-R Public Power bonds AAA/F1+

Fitch Ratings said it assigned ratings of AAA/F1+ to the $62.5 million series 2008M and $17 million series 2008N subordinate-lien revenue bonds issued by the M-S-R Public Power Agency, Calif., for its San Juan project.

Proceeds will be used to refund 1998 F and G bonds

The ratings are based on letters of credit from Dexia Credit Local, rated AA+/F1+ by Fitch. The underlying rating of the bonds is A+.

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