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OLD DOMINION ELECTRIC CO-OP (VA) REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 OLD DOMINION ELECTRIC CO-OP (VA) REVENUE BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 10 /PRNewswire/ -- Halifax County (Va.) Industrial Development Authority's $56.9 million Exempt Facility Revenue Bonds (Old Dominion Electric Cooperative Project) Series 1992 are rated 'A+' by Fitch. The 'A+' rating on Old Dominion's $550 million outstanding first mortgage bonds, 1992 series A is affirmed. The credit trend is stable. The bonds are scheduled to sell through negotiation the week of Nov. 16 by a Scott & Stringfellow Investment Corp. syndicate.
 Old Dominion, a generation and transmission (G&T) cooperative, benefits from a diverse service area that covers portions of four states, including the fast growing Washington, D.C./Richmond, VA corridor. The G&T's existing power supply is balanced between an 11.6 percent ownership interest in the North Anna nuclear plant and purchased power contracts with five electric utilities. These arrangements provide Old Dominion with good operating flexibility and a guaranteed backup power supply in case of an outage at North Anna. A 50 percent share of the new coal-fired Clover Project should provide additional diversity.
 Completion of the Clover Project, scheduled for full commercial operation by April 1996, adds an element of risk, however, the use of a fixed-price,"turn-key" contract helps mitigate this concern. Rate regulation of the members by their respective state commissions is also viewed as a potential weakness.
 Old Dominion's decision to prepay its outstanding Rural Electrification Administration guaranteed debt earlier this year leaves it largely dependent on the public debt markets for any future financings related to the North Anna or Clover projects. This will require the G&T to maintain much stronger financial ratios than historically required. Old Dominion's financial targets include an equity ratio increasing to 20 percent by the year 2000 and a times interest earned ratio of 1.20x.
 -0- 11/10/92
 /CONTACT: Susan M. Courtney 212-908-0503, or Alan Spen 212-908-0594, both of Fitch Financial Service/ CO: Old Dominion Electric Cooperative Project ST: Virginia IN: UTI SU: RTG


LR -- NY033 -- 9150 11/10/92 09:50 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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