Fitch assigns Avista bonds BBB

Fitch Ratings said it assigned a BBB rating to the anticipated $250 million issuance of Avista Corp. first-mortgage bonds 5.95% series due 2018.

The outlook is positive.

Fitch said that the positive outlook reflects Avista's recently concluded Washington general rate case, which is expected by Fitch to result in improved earnings and cash flow and strengthening underlying credit metrics in 2008.

The ratings and outlook also consider regulatory mechanisms in Washington and Idaho that allow the utility to defer certain power supply costs for future recovery, reducing, but not eliminating, commodity cost exposure, the agency said.

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