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MOODY'S RAISES RATING ON HENRICO COUNTY'S WATER AND SEWER REVENUE BONDS TO 'A1' FROM 'A' IN CONJUNCTION WITH UTILITY'S FIRST SALE SINCE 1986

MOODY'S RAISES RATING ON HENRICO COUNTY'S WATER AND SEWER REVENUE BONDS
 TO 'A1' FROM 'A' IN CONJUNCTION WITH UTILITY'S FIRST SALE SINCE 1986
 NEW YORK, March 3 /PRNewswire/ -- Effective today, Moody's Investors Service has raised the rating on Henrico County's Water and Sewer Revenue Bonds to "A1" from "A" in conjunction with the sale of $32,675,000 refunding bonds scheduled to be sold through negotiation next week.
 In assigning the upper medium grade rating, Moody's noted, "Fundamental credit strength for this water and sewer utility is provided by the country's large wealthy, diverse and growing service area and sound management practices. Debt levels have substantially moderated since the mid 1980's, and annual rate and usage increases as well as a stabilization in debt service requirements have resulted in favorable coverage levels. The current offering, the first since 1986, will refund existing parity bonds for present value savings."
 Also, at this time, the county's general obligation bond rating was confirmed at "Aaa," reflecting its substantial taxable resources, sound financial operations and modest debt levels.
 Amount of water and sewer revenue bonds (including current offering): $50,005,000
 -0- 3/3/92
 /CONTACT: Edward Krauss, 212-553-0822, or Marcy Edwards, 212-553-0322, both of Moody's/ CO: Henrico County ST: Virginia IN: UTI SU: RTG


KD-SM -- NY082 -- 4680 03/03/92 17:09 EST
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Publication:PR Newswire
Date:Mar 3, 1992
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