Jul 17, 2008
Story Timeline: 81 days
Thursday July 17, 5:11 pm ET NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'AA/F1+' to the $50 million series 2008F and the $50 million series 2008G Eastern Municipal Water District (the district) water and sewer Revenue variable rate certificates of participation (COPs). The long-term 'AA' rating assigned to the COPs is based on the district's long-term credit quality, while the 'F1+' short-term rating is based on liquidity support provided by JPMorgan Chase Bank, N.A. in the form of two separate Standby Certificate Purchase Agreements (SCPAs). Fitch also affirms the 'AA' long-term rating on the district's $481.7 million of outstanding parity COPs. The series 2008F and series 2008G COPs are scheduled to sell via negotiation on or about July 29, 2008. The Rating Outlook is Stable. The long-term 'AA' rating on...
[read full story]