Fitch rates Orange County, Calif., sanitation COPs AA

Fitch Ratings said it assigned a rating of AA to the Orange County Sanitation District, Calif.'s $80.3 million refunding certificates of participation (COPs), series 2008A.

In addition, Fitch affirmed the underlying long-term rating on the district's approximately $1.1 billion of outstanding parity senior-lien COPs at AA.

The certificates will sell on May 22 via competitive sale.

Proceeds will refinance the district's 1992 variable-rate demand COPs, terminate the swap and fund a debt service reserve fund. The outlook is stable.

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