Fitch rates Oakland, Calif., bonds A

Fitch Ratings said it assigned an A underlying rating to Oakland Joint Powers Financing Authority, Calif.'s $110.3 million of refunding revenue bonds, 2008 series A-1 (tax-exempt), and $20.3 million of refunding revenue bonds, 2008 series A-2 (taxable).

In addition, Fitch said it affirmed the A underlying ratings on the City of Oakland's $118 million of pension obligation bonds, 1997 series A, and $195.6 million of pension obligation bonds, 2001 series, and on the authority's $128.1 million of refunding revenue bonds, 2005 series A-1, A-2 and B.

Fitch also affirmed the A+ underlying ratings on the city's $121.5 million of general obligation bonds and the authority's $111.7 million of refunding revenue bonds (city of Oakland G.O. bond program), 2005 series.

The outlook is stable.

The 2008 series bonds are expected to sell by negotiation on April 3. They will refund the authority's revenue refunding bonds, 2005 series A-1, A-2 and B.

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