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CLEVELAND WATERWORKS REVENUE BOND RATING RAISED BY MOODY'S TO 'A1' FROM 'A'; WELL-MANAGED SYSTEM REGAINS RATING LAST HELD IN 1977

 CLEVELAND WATERWORKS REVENUE BOND RATING RAISED BY MOODY'S TO 'A1'
 FROM 'A'; WELL-MANAGED SYSTEM REGAINS RATING LAST HELD IN 1977
 NEW YORK, Feb. 24 /PRNewswire/ -- Effective last Friday, Feb. 21, Moody's Investors Service raised the Cleveland regional water system's revenue bond rating to "A1" from "A" in conjunction with the sale expected this week of $286,005,000 of waterworks improvement first mortgage revenue bonds, Series F, 1992. Proceeds will finance treatment plant expansion, improvements to pumping stations, water mains, control and communications systems, as well as provide for a refunding of portions of the system's Series E 1987 bonds.
 In raising the rating to the level last held in 1977, Moody's cited the system's established and diverse service area, satisfactory financial operations, absence of significant additional borrowing, and strong management and facilities planning. In serving most of Cuyahoga County, management has recognized and anticipated regional development patterns while building redundancies into the system configuration. System stability is further enhanced by the lack of dependence upon any one customer and an abundant supply of good quality water. Rates sufficient to support the new debt have already been approved by the city council.
 Amount of debt outstanding (including the current issue and excluding insured bonds and bonds to be refunded by the current offering): $366,975,000.
 -0- 2/24/92
 /CONTACT: Paul Devine, 212-553-0012, or Dina Kennedy, 212-553-7738, both of Moody's/ CO: ST: Ohio IN: UTI SU: RTG


GK -- NY054 -- 1939 02/24/92 13:47 EST
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Date:Feb 24, 1992
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