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NEW YORK CITY MUNICIPAL WATER AUTHORITY $375M NOTES 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 21 /PRNewswire/ -- New York City Municipal Water Finance Authority's $375 million water and sewer system bond anticipation notes, fiscal 1993 series A are rated 'F-1'. The authority's outstanding $4.26 billion 'A' water and sewer system revenue bonds are affirmed. The credit trend is stable. The notes, due to mature April 15, 1994, will be sold June 22 through negotiated sale. WR Lazard, Laidlaw & Mead Inc. will act as lead manager for the selling group.
 The authority's financial performance remains strong, with historical debt service coverage ratios and operating cash flow at high levels. Created as an independent arm of the city, the authority has demonstrated a willingness to raise rates timely and meet the mandated requirements of its capital program. While future financing needs remain significant, at almost $10 billion over the next 10 years, planning for this program appears well conceived and manageable. Helped by better-than-budgeted results in recent periods, projected rate increases have been reduced from earlier forecasts and no adjustments are projected for the next two fiscal years. Sluggish economic conditions in the Northeast region provide some concern given the magnitude of the capital program. Potential for higher treatment standards at the water system, resulting in significantly greater capital needs, is an additional risk.
 Security for the notes is a first lien on proceeds of the sale of the authority's water and sewer system revenue bonds, fiscal 1994 series A, expected to be issued on or prior to the maturity date of the series A notes. In addition, interest on the notes is payable from system revenues and amounts on deposit in the subordinated indebtedness fund, which is after debt service payments on outstanding bonds, but prior to operating and maintenance expenses. Principal is payable from moneys deposited in the local water fund, which occurs after debt service payments, expenses, fund requirements, and amounts required to be paid to the city.
 -0- 6/21/93
 /CONTACT: Alan Spen, 212-908-0594, or Rebecca Bachman, 212-908-0516, both of Fitch/


CO: New York City Municipal Water Finance Authority ST: New York IN: UTI SU: RTG

SH -- NY050 -- 4029 06/21/93 12:04 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
Words:357
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