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Fitch Upgrades Gilbert, Arizona Resources Muni Property Corp 2004 Water Bonds to 'A-'.

Article Excerpt
AUSTIN, Texas -- In the course of routine surveillance, Fitch Ratings has taken the following actions for the Gilbert, Arizona Water Resources Municipal Property Corporation's (the corporation) development fee and subordinate lien utility revenue bonds:

--$27.5 million series 2004 wastewater bonds upgraded to 'A-' from 'BBB+';

--$139.6 million series 2007 water bonds affirmed at 'A-'.

The Rating Outlook for both series is Stable.

Both series of bonds are payable from lease payments from the Town of Gilbert (the town) to the corporation. The lease payments are secured by a senior pledge of the revenues from the collection of the respective wastewater system development fees (SDFs) for the wastewater bonds and water SDFs for the water bonds, and by a subordinate lien and pledge of certain revenues derived from the operation of the town's wastewater system (for the wastewater bonds) and the town's water system (for the water...

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