OREANDA-NEWS. Fitch Ratings affirms the 'AAA' ratings and Stable Outlooks on 15 U.S. utility tariff bond transactions.

Fitch has affirmed the following transactions:

AEP Texas Central Transition Funding, LLC series 2002-1
--Class A-5 at 'AAAsf'; Outlook Stable.

AEP Texas Central Transition Funding II, LLC series A
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class A-5 at 'AAAsf'; Outlook Stable.

Atlantic City Electric Transition Funding, LLC series 2002-1
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

Atlantic City Electric Transition Funding, LLC series 2003-1
--Class A-3 at 'AAAsf'; Outlook Stable.

Entergy Louisiana Investment Recovery Funding I, LLC
--Class A-1 at 'AAAsf'; Outlook Stable.

FPL Recovery Funding LLC series A
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

Louisiana Utilities Restoration Corporation (LURC-EGSL) series 2008
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable.

Louisiana Utilities Restoration Corporation (LURC-ELL)_series 2008
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable.

Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Bonds (LURC Project/EGSL) series 2010
--Class A-1 at 'AAAsf'; Outlook Stable;
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable.

Louisiana Local Government Environmental Facilities & Community Development Authority (LURC Project/ELL) series 2010
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

MP Environmental Funding LLC series A
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

MP Environmental Funding LLC series B
--Class A-1 at 'AAAsf'; Outlook Stable.

Oncor Electric Delivery Transition Bond Company LLC series 2003-1
--Class A-4 at 'AAAsf'; Outlook Stable.

Oncor Electric Delivery Transition Bond Company LLC series 2004-1
--Class A-3 at 'AAAsf'; Outlook Stable.

RSB BondCo LLC series 2007-1
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable.


KEY RATING DRIVERS

The transactions are performing within expectations, with levels of outstanding principal amounts in-line with their targeted amortization schedules. The true-up mechanism in each transaction is performing as expected, providing adequate credit support for all outstanding classes.

RATING SENSITIVITIES

As part of Fitch's initial rating sensitivity, Fitch conducted a break the bond case which provides an alternative means by which to measure the potential effects of rapid, significant declines in power consumption while capping the residential securitization charges at 20% of the total customer bill. This analysis determines the maximum level of forecasted energy decline that would cause a default in required payments on the securitizations or cause the tariff charges to exceed 20% of the total residual customer bill. Despite this severe decline in consumption, due to the true-up mechanisms, the tariff charges are able to pay all debt service by the legal final maturity date.

For further detail on the rating sensitivity analysis for Utility Tariff Bonds, please refer to Fitch's criteria titled 'Rating Criteria for U.S. Utility Tariff Bonds' available at 'www.fitchratings.com'.

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after Sept. 26, 2011 at 'www.fitchratings.com'.