Fitch, the credit rating agency, assigned a rating of 'F1+' to $160 million in commercial paper to be issued by Reno-based Truckee Meadows Water Authority this month.
The rating means Fitch believes there is a low risk of default. The notes are supported by an irrevocable direct-pay letter of credit provided by Lloyds TSB Bank.
Bear Stearns & Co. Inc. is the dealer for the notes, and U.S. Bank National Association is issuing and paying agent. TMWA will use the money for capital projects.
