AUSTIN, Texas--(BUSINESS WIRE)--Fitch Ratings has affirmed the following ratings on Guadalupe Valley Electric Cooperative, TX (GVEC): --$33 million electric system bonds at 'AA-', series 2007; --$75 million commercial paper note program at 'F1+'. The Rating Outlook is Stable. SECURITY Bonds are payable from a first lien on gross revenues and all property of GVEC. However, GVEC has the option of removing the bondholder lien on property in the future, once all obligations to the National Rural Ut