Fitch Ratings said it upgraded to AA-minus from A-plus Leesburg, Fla.'s approximately $42 million utility system revenue bonds, series 2004, series 2007A, and series 2007B.

The rating outlook is stable.

The rating upgrade reflects the system's track record of solid financial margins and the restoration of strong liquidity levels over the past several years. Unrestricted cash and investments have increased by almost 100% since fiscal 2008, and are vastly improved from the very low liquidity levels demonstrated in fiscal 2004-2006.

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