Fitch upgrades Oregon debt to AA

Fitch Ratings said it gave AA ratings to $211.1 million in state of Oregon general obligation bonds, upgraded the state's $4.3 billion in outstanding debt to AA from AA- and revised its outlook to stable from positive.

Series 90A fixed-rate veteran's welfare bonds ($11.1 million) will be offered through negotiation on June 10. The $200 million series 2008A state board of higher education bonds will be offered separately through negotiation on June 17.

Series 90B G.O. veteran's bonds will also be issued and will be rated nearer to closing.

The rating upgrade reflects sustained revenue performance and growth in overall reserve levels, despite the economic downturn, which to date has only moderately affected the state, Fitch said.

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