Fitch gives Austin, Texas, water bonds AAA/F1+

Fitch Ratings said it assigned a rating of AAA/F1+ to the $170.605 million City of Austin, Texas, water and wastewater system variable-rate revenue refunding bonds, series 2008.

The long-term AAA rating is based jointly on the long-term AA- rating assigned by Fitch to the Austin, Texas, Combined Utility System and the support provided by an irrevocable, direct-pay letter of credit issued by Dexia Credit Local, acting through its New York Branch, currently rated AA+/F1+, securing the bonds.

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