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ANAHEIM PUBLIC FINANCING AUTHORITY $60.700 MILLION REVENUE BONDS, SERIES 1993 REVISED TO 'AAA' BY DUFF & PHELPS

 CHICAGO, June 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has revised its rating for Anaheim Public Financing Authority's (PFA) issuance of $60.700 million of revenue bonds (City of Anaheim Electric Utility Project) to `AAA' (Triple-A), reflecting the attachment of MBIA insurance. The balance of the originally slated $140 million offering (approximately $70 million) of revenue bonds will carry the previously issued `AA' (Double-A) rating, and are expected to be offered in the near future. Proceeds from the insured issued will be used primarily for refunding.
 Anaheim's electric system has a well diversified fuel mix. Southern California Edison has contracted to supply the city's electric needs until 2028 to the extent the city's electric resources are not adequate. The electric system has reduced its reliance upon Southern California Edison through entering into long-term, favorably priced purchases with other entities and developing its own resources. The purchase of a portion of San Juan Generating Station Unit 4 will assist in this endeavor. Anaheim's primary power source is its 13.225 percent (211.6 mw) purchased capacity entitlement in the coal-fired Intermountain Power Project.
 Anaheim's financial operations, beyond that of the electric and water systems, appear satisfactory. The utility systems' finances are managed separately from general operations of the city; however, all accounts are consolidated for investment purposes. Despite the importance of economically sensitive revenues, financial operations appear well maintained and have demonstrated flexibility sufficient to absorb unbudgeted shortfalls. Satisfactory financial performance of the Electric and Water Funds is contingent upon successful implementation of rate increases.
 Anaheim's rapid growth period has ended. However, projects such as the large Disney expansion should mitigate negative effects from the poor California economy.
 -0- 6/10/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/


CO: Anaheim Public Financing Authority ST: California IN: SU: RTG

SM -- NY060 -- 0670 06/10/93 13:33 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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