Fitch gives AA- to Austin Energy bonds

Fitch Ratings said it assigned a rating of AA- to the $175 million series 2008A electric utility system revenue refunding bonds issued by the city of Austin, Texas, for Austin Energy.

Proceeds from the 2008A fixed-rate bonds will refund about $174 million of tax-exempt commercial paper. The bonds, with a final maturity in 2024, are scheduled to price on July 24.

Fitch also affirmed its AA- rating on the outstanding Austin Energy separate-lien electric utility system revenue bonds, Austin Water and Wastewater separate-lien water system revenue bonds and Austin Combined Utility System prior-lien senior and subordinate bonds.

The outlook is stable.

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