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Fitch upgrades Florida Municipal Power Agency's issuer default rating

Fitch Ratings on Oct. 15 upgraded Florida Municipal Power Agency's issuer default rating and outstanding all-requirement project revenue bonds to AA- from A+. The outlook has been revised to stable from positive.

The upgrades were based on the agency's trend of lower financial leverage, according to Fitch.

"A low operating cost burden and diverse portfolio of owned and partially-owned generation assets and purchased power contracts drive the strong operating risk profile. Operating costs are expected to remain low as no new capacity is currently needed and capital spending is expected to remain manageable," the rating agency added.

Fitch also assigned an AA- rating to Florida Municipal Power Agency's $81 million all-requirements power supply project refunding revenue bonds, series 2019A and series 2019B.

These bonds are expected to be sold during the week of Oct. 21. Proceeds will be used to refund FMPA's other series of all-requirement bonds and pay issuance costs.