SAN FRANCISCO--(BUSINESS WIRE)--Fitch Ratings has upgraded the following electric revenue bonds issued by M-S-R Public Power Agency (MSR), CA: --$127.4 million San Juan Project subordinate lien revenue bonds, series 2008L and 2011O. The Rating Outlook is revised to Stable from Positive. SECURITY Bondholders are secured revenues received pursuant to absolute and unconditional take-or-pay power sales agreements with the three project participants that extend for the life of the bonds. The agreeme