Fitch Ratings downgrades the following ratings on Lower Colorado River Authority, TX's (LCRA) outstanding obligations:
--$1.6 billion revenue bonds to 'A' from 'A+';
--$175 million in authorized commercial paper notes, series A to 'F1' from 'F1+'.
The rating on LCRA's transmission revenue bonds is unaffected.
Fitch also has assigned an 'A' bank note rating to the LCRA's electric system revenue commercial
paper notes, series B. The bank note rating reflects LCRA's parity repayment to the bank providing
the liquidity facility, in the event of a draw on the facility to support the series B commercial paper
The Rating Outlook on the long-term bonds is Stable.