Fitch assigns F1+ to Oakland, Calif., TRANs

Fitch Ratings said it assigned an F1+ rating to $155 million in 2008-2009 tax and revenue anticipation notes (TRANs) issued by the City of Oakland, Calif., including $70 million series A and $85 million series B (taxable).

The series A notes will be sold competitively around June 30. Series B will be sold through negotiation around June 25 and are expected to be one year in duration.

This TRAN issuance is similar to Oakland's sale for fiscal 2008, with the series A notes used to offset the uneven nature of property and other tax revenue, and the series B proceeds used to make the city's annual pension payment early in the fiscal year, receiving a discount on the payment.

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