Fitch Rates Tucson, Arizona's $55.1MM Water Rev Rfdg Bonds 'AA'.AUSTIN -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of an 'AA' rating to the City of Tucson, Arizona's $55.1 million water system revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2005. In addition, Fitch fitch: see polecat. affirms the 'AA' rating for the city's $273.7 million of outstanding water system revenue bonds. The Rating Outlook is Stable. Fitch originally assigned an 'AA' rating to the city's $84.1 million water system revenue refunding bonds, series 2004, on Nov. 5, 2004. However, the pricing was delayed due to changing market conditions, and consequently, the issue size was reduced to $55.1 million, and the bonds now are issued as series 2005 bonds. For more information on Tucson's water system revenue bonds, see the press release 'Fitch Rates Tucson, AZ $84.1MM Water Rev Ref Bonds 'AA',' dated Nov. 5, 2004, available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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