The public power sector remained relatively financially stable through fiscal 2008 despite the economic downturn, partly because utilities were able to restructure variable-rate and auction-rate debt, as well as unwind out-of-the-money swaps, Fitch Ratings will say in a report released today.

In the report, Fitch compares the roughly 110 utility systems that it rates - adjusting for such things as retail utilities buying most of their energy - and examined the sector overall. Christopher Jumper, a Fitch analyst who worked on the report, said it is representative of the sector.

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