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AUSTIN (TX) COMBINED UTILITY SYSTEM REVENUE REFUNDING BONDS 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 AUSTIN (TX) COMBINED UTILITY SYSTEM REVENUE REFUNDING
 BONDS 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 21 /PRNewswire/ -- Austin, Texas combined utility systems' $245.3 million revenue refunding bonds, series 1992B are rated 'A+' by Fitch. Ratings are affirmed on the outstanding $2.1 billion 'A+' prior lien and $362.2 million 'A'subordinate lien bonds. The credit trend is stable.
 The ratings reflect the combined electric, water, and sewer systems' sound financial operations, competitive electric rates, and the strength of Austin's economy. Reflecting the moderate growth in energy demand and current excess reserve margins, no additional generation will be required before 2000. Thus, capital expenditures and electric rate increases would be well below those experienced in the past. Debt service coverage on total outstanding revenue bonds is sufficient at about 1.60 times.
 While water and waste water rates are higher than those of most major Texas cities, a reduction in capital outlays should result in more moderate rate increases for these systems. However, even more important to the stability of the ratings is the city's ability to manage the recent decline in net revenues caused by falling interest rates, higher expenses, and lower water and electric sales as a result of unusual weather.
 -0- 8/21/92
 /CONTACT Alan Spen 212-908-0594 or Susan M.Courtney 212-908-0503 both of Fitch/ CO: Austin, Texas, combined utility systems ST: Texas IN: UTI SU: RTG


DC -- NY048 -- 2225 08/21/92 15:21 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
Words:242
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