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Article: Fitch Rates Pasadena Water & Power's $43.3MM Electric Revs 'AA-'; Outlook Stable.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings assigns an 'AA-' rating to Pasadena Water and Power's (PWP) $43.3 million City of Pasadena, California electric revenue bonds series 2009. Fitch also affirms its 'AA-' rating on PWP's $173 million of outstanding electric revenue bonds, including $44 million of series 1998 bonds that will be refunded with proceeds from the series 2009 bonds in December 2009. The Rating Outlook on all the bonds is Stable.
Bonds are secured by a net revenue pledge of PWP's electric system. The bonds will sell competitively and are expected to price on Nov. 2, 2009. Savings produced by the refunding will be structured to occur primarily in fiscal 2011.
The ...