Fitch Ratings said it downgraded to A-plus from AA Glendale Water and Power's (GWP) $50.0 million water revenue bonds, series 2008.

The rating outlook remains negative.

The bonds are secured by a first lien on GWP's water system net revenues.

The rating downgrade reflects the utility's lack of liquidity and significant intra-fund borrowing from the city's electric fund to finance capital improvements.

The negative outlook reflects the narrow financial margins available to support
debt service in fiscal 2013.

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