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MASSACHUSETTS WATER RESOURCES AUTHORITY $426.5 MILLION REVENUE BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 25 /PRNewswire/ -- Certain maturities of three Massachusetts Water Resources Authority General Revenue Bonds are raised to "AAA" from "A" by Fitch.
 The "AAA" rating reflects the fact that the refunded bonds are secured by an irrevocable escrow comprised of direct, noncallable obligations of the U.S. Government. Coopers & Lybrand has verified the mathematical accuracy of the computations showing that the escrowed securities plus a small amount of initial cash will be sufficient to pay interest, principal, and the redemption price of the refunded bonds to their respective call dates. The government obligations mature in varying lengths of time prior to the scheduled debt service requirements and call date of the refunded bonds.
 The authority has entered into a float agreement with Sumitomo Bank Capital Markets, Inc. Under the terms of the agreement, Sumitomo has the option to sell to the authority new government obligations with available cash balances and proceeds of the maturing government obligations already held in escrow. The new government obligations must mature in time and in sufficient amounts to meet the requirements of the refunded bonds.
 The $426.5 million General Revenue Bonds to be refunded consist of:
 -- 1990 Series A dated Jan. 15, 1990; partial maturities ($5.1 million) due April 1, 1995 and 1996, having CUSIP numbers 576049EA4 and 576049EC0, respectively; and all bonds ($173.3 million) maturing April 1, 2002-2004 and 2018. The bonds will be called on April 1, 2000 at a price of 102.
 -- 1991 Series A dated Oct. 1, 1991; all bonds ($66.6 million) maturing Dec. 1, 2005 and 2011 will be called on Dec. 1, 2001 at a price of 102.
 -- 1992 Series A dated March 15, 1992; all bonds ($181.5 million) maturing July 15, 2012 and 2021 will be called on July 15, 2002 at a price of 102.
 -0- 5/25/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: Massachusetts Water Resources Authority ST: Massachusetts IN: UTI SU: RTG

TS -- NY076 -- 2217 05/25/93 13:52 EDT
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Publication:PR Newswire
Date:May 25, 1993
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