Fitch gives AA to West Palm Beach water bonds

Fitch Ratings said it assigned an AA rating to the city of West Palm Beach, Fla.'s $100.3 million series 2008C utility system variable-rate revenue bonds.

The bonds are scheduled to close on July 23. Prior to closing, Fitch said it will assign a short-term rating based on a standby bond purchase agreement provided by Dexia Credit Local.

The outlook is negative.

Proceeds will fund capital improvements that had been unanticipated before water quality deficiencies were discovered over the past year. The city plans to issue an additional $127 million in bonds in 2011.

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