A series of putable floating option tax-exempt receipts issued by the Los Angeles Department of Water and Power was placed on short-term negative rating watch by Fitch Ratings in the wake of Moody’s Investors Service downgrade Wednesday’s of Bank of America.

LADWP’s water system revenue bonds, which were deposited in the MT-734 series trust, maintained a long-term rating of AA-plus and stable outlook, the agency said.

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