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AUSTIN (TX) UTILITY SYSTEMS REFUNDED BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 5 /PRNewswire/ -- Austin, Texas Combined Utility Systems $170.5 million refunded bonds are revised to 'AAA' from 'A+' by Fitch. The refunded bonds are secured by an irrevocable escrow comprised of direct, noncallable obligations of the U.S. government. KPMG Peat Marwick has verified the mathematical accuracy of the computations showing that the escrowed securities, along with an initial cash deposit, will be sufficient to pay interest, principal, and the redemption price of the refunded bonds to their respective call dates.
 Details of the combined utility systems revenue bonds to be refunded and call provisions are listed below:
 Series 1985, dated Oct. 1, 1985, $12,515,000 of bonds maturing on Nov. 15, 1997 will be called on Nov. 15, 1995 at 102.
 Series 1986A, dated April 15, 1986, $33,850,000 of bonds maturing on Nov. 15, 2006 will be called on May 15, 2001 at par.
 Series 1986C, dated Nov. 15, 1986, $76,210,000 of bonds maturing on May 15, 2017 will be called on Nov. 15, 2001 at par.
 Series 1988, dated Sept. 15, 1988, $22,200,000 of bonds maturing on May 15, 2008 and May 15, 2018 will be called on May 15, 2003 at par.
 Series 1988A, dated Oct. 15, 1988, $18,480,000 of bonds maturing on Nov. 15, 2008 and Nov. 15, 2012 will be called on Nov. 15, 1998 at 102.
 Series 1989, dated July 15, 1989, $7,210,000 of bonds maturing on Nov. 15, 2008 will be called on May 15 2004 at par.
 -0- 8/5/93
 /CONTACT: Susan M. Courtney of Fitch, 212-908-0503/


CO: Austin Combined Utility Systems ST: Texas IN: SU:

PS -- NY047 -- 9800 08/05/93 10:41 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
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