Fitch Ratings said it downgrades its long-term ratings and affirms the short-term ratings on the following Columbus, Ohio, outstanding revenue bonds: $390 million sewerage system fixed-rate revenue bonds, series 2008A to AA from AA-plus; $51.9 million sewerage system adjustable-rate revenue bonds, series 2008B (self liquidity) to AA/F1-plus from AA-plus/F1-plus.
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The rating outlook is stable.
The bonds are secured by a senior-lien net revenue pledge of the city's sewer system (the system).
The rating downgrade reflects the system's weakening debt profile and lower coverage of total obligations resulting from the city's increased debt issuance and limited rate action.
