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AUSTIN, TEXAS COMBINED UTILITY SYSTEMS BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 AUSTIN, TEXAS COMBINED UTILITY SYSTEMS BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 22 /PRNewswire/ -- Austin, Texas, Combined Utility System's $248.8 million Revenue Refunding Bonds, Series 1992A are rated "A+" by Fitch, it was announced today. The ratings on outstanding "A+" prior lien and "A" subordinate lien bonds are affirmed. The credit trend is stable.
 The ratings reflect the sound financial operations of the combined electric, water, and sewer systems, competitive electric rates, and the stability of the Austin economy. Sound fiscal performance is evidenced by the ability to consistently cover debt service on the prior and subordinate lien debt by approximately 1.60 times(x). Given the moderate growth in energy demand expected in the near future and current excess reserve margins, no additional generation will be required during this decade. Therefore, capital expenditures and electric rate increases should be well below those experienced in the past.
 While water and wastewater rates are above those of most major Texas cities, a reduction in capital outlays should result in more moderate rate increases for these systems. Unusually wet weather, resulting in lower water sales, and declining interest income have adversely impacted net revenues recently. However, adequate cash reserves and an anticipated small rate increase later this year should help to offset further declines.
 -0- 5/22/92
 /CONTACT: Susan M. Courtney, 212-908-0503, or Alan Spen, 212-908-0594, both of Fitch/ CO: Austin Combined Utility System ST: Texas IN: UTI SU: RTG


TS -- NY012 -- 3227 05/22/92 10:33 EDT
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Publication:PR Newswire
Date:May 22, 1992
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