Fitch Ratings gave an "A+" rating to the City and County of Honolulu's upcoming $113.9 million wastewater system revenue bonds that will be used to refund its auction-rate bonds that have reset at higher interest rates.

Fitch said the ratings reflect the strong financial position of the wastewater system, stable residential customer base and community support for a program replacing aging infrastructure.

Fitch gave all of the wastewater system's bonds a negative outlook because of the recent rapid escalation in its capital improvements program and the potential for the Environmental Protection Agency to require additional improvements.