AUSTIN--(BUSINESS WIRE)--Fitch Ratings affirms the following bonds issued by the City of Modesto, California (the city): --$40.43 million wastewater revenue bonds, series 2005A and 2006A, at 'AA-'. The Rating Outlook is Stable. SECURITY The bonds are payable from net revenues of the city's wastewater enterprise system (the system). KEY RATING DRIVERS FINANCIAL MARGIN DECLINE EXPECTED: Financial performance is currently very strong as a result of rate increases in advance of known cost increases
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