Fitch Ratings on Monday downgraded the long-term rating on the Tohopekaliga Water Authority’s Series 2007 variable-rate revenue bonds to A-plus from AA-minus.

The lower rating is in connection with converting the bonds from the auction-rate mode to variable rate and the provision of an irrevocable, direct-pay letter of credit issued by Landesbank Hessen-Thuringen Girozentale securing the variable-rate bonds, Fitch said.

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