OREANDA-NEWS. Fitch Ratings has downgraded the long-term rating assigned to the Massachusetts Water Resources Authority multi-modal subordinated general revenue bonds Series 1999B and 2002C to 'A+' and affirmed the short-term rating at 'F1+. The Rating Outlook for the long-term rating is Stable.

The rating action is in connection with the extension of the stated expiration dates of the current letters of credit (LOCs) provided by Landesbank Hessen-Thuringen Girozentrale ('A+/F1+'/ Stable Outlook), which removes the support provided by its owners in the form of Gewaehrtraegerhaftung.

As a result the ratings will now be based on the long- and short-term ratings assigned to Landesbank Hessen-Thuringen Girozentrale.

KEY RATING DRIVERS:
The rating will now be based solely on the support provided by the LOCs issued by Landesbank Hessen-Thuringen Girozentrale ('A+/F1+'/Stable Outlook), which have stated expiration dates of Dec. 6, 2020 for the series 1999B and Aug. 10, 2020 for series 2002C, unless such dates are extended or earlier terminated.

RATING SENSITIVITIES
The rating is exclusively tied to the long- and short-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating.