AUSTIN, Texas--(BUSINESS WIRE)--Fitch Ratings takes the following rating action on Palo Pinto County Municipal Water District No. 1, Texas (the district): --$4.4 million revenue refunding bonds, series 2011 downgraded to 'A+' from 'AA-'. Fitch also downgrades its implied rating on the water and sewer system of the city of Mineral Wells, Texas (the city) to 'A+' from 'AA-'. The Rating Outlook on both is Stable. SECURITY The bonds are special obligations of the district and secured solely from a