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TEXAS MUNICIPAL POWER AGENCY $20.5 MILLION REVENUES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 22 /PRNewswire/ -- Texas Municipal Power Agency's (TMPA) $20.5 million refunding revenue bonds, series 1993A (Self Insurance and Risk Management Program) are rated 'A+'. TMPA's $1.25 billion outstanding 'A+' revenue bonds are affirmed. The credit trend is stable. Bond proceeds will refund the series 1987A revenue bonds issued to initially capitalize the risk management fund.
 The ratings reflect TMPA's financial strength, flexible power supply plan, and competitive rates at the member level. The agency will receive its final payment under the Comanche Peak settlement agreement in August 1993. This agreement provided the agency with significant financial flexibility and enabled it to substantially reduce its debt and pay for necessary capital improvements. The cost savings associated with this debt reduction allowed the agency to reduce rates to the member cities, which will allow rates to remain competitive even with the projected increases through 2000. Expansion of the customer base through longer-term, off-system power sales contracts between the member cities and other Texas cities is a positive.
 The agency's power supply plan for the next decade is well conceived and will satisfy continued growth in energy demand. The plan includes sufficient flexibility to adapt to natural gas price movement and certain provisions in the off-system power sales contracts. A new baseload unit should not be required until 2001- 2004 due to the member cities' effective load management programs and current excess capacity. The cities' dependence on natural gas is a point of concern, given the recent volatility in natural gas prices.
 -0- 7/22/93
 /CONTACT: Susan M. Courtney 212-908-0503 or Alan Spen 212-908-0594/
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CO: Texas Municipal Power Agency ST: Texas IN: UTI SU: RTG

DH -- NY100 -- 4760 07/22/93 16:33 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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