AUSTIN, Texas--(BUSINESS WIRE)--Fitch Ratings affirms the following ratings for Alisal Water Corporation (Alco): --$6.5 million of outstanding 2007A senior secured taxable bonds at 'BB+'; --Issuer Default Rating at 'BB-'. The Rating Outlook is Stable. SECURITY The bonds are secured by a security interest in pledged collateral, which consists of all tangible and intangible assets owned by Alco. KEY RATING DRIVERS FINANCIALS NARROW BUT ADEQUATE: Alco's ratings reflect the utility's adequate but r