Fitch Ratings assigns an 'AA+' rating to the Local Building Authority of Salt Lake Valley Fire Service Area (the authority), Utah's $32.935 million lease revenue bonds. The bonds will sell by negotiated sale on Aug. 6, 2008. The Rating Outlook is Stable.
The 'AA+' rating reflects Salt Lake Valley Service Area's (the service area) solid financial position with balanced operations and high general fund balances, sound lease structure, strong, diverse and growing economic base, and low debt levels. Other rating considerations include a well-diversified tax base, tax rate flexibility, and a relatively resilient housing market.
