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SANTA FE, January 3 â Fitch Ratings, an independent rating agency, has affirmed the City of Santa Feâs Water Utility and Wastewater System revenue bond ratings at âAA+â. Fitch said these ratings reflect the systems’ exceptionally low leverage in the context of very strong revenue defensibility. Strong revenue defensibility is supported by the systems’ fundamental roles as the sole water and sewer service providers to a service area with generally favorable demographic trends.