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BOSTON WATER & SEWER COMMISSION'S REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

BOSTON WATER & SEWER COMMISSION'S REVENUE BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 27 /PRNewswire/ -- Boston Water and Sewer Commission's General Revenue Bonds (Senior Series) are affirmed at 'A+' by Fitch. The commission will sell $68.2 million General Revenue Bonds, 1992 Series A (Senior Series) through negotiation the week of August 31 with Merrill Lynch.
 The commission is responsible for the operation of water and wastewater systems in the city of Boston. The customer base is sizeable and well balanced between residences, tax-exempt institutions, and commercial and industrial users. Major improvements to the utility's infrastructure and the implementation of programs to significantly reduce the amount of unaccounted for water have improved the utility's operating position. Financial performance has been good and debt service coverage is forecast to remain at sufficiently high levels in the future. The credit trend is stable.
 As the largest customer of the Massachusetts Water Resources Authority (MWRA), the commission is exposed to certain financial risks associated with MWRA's multi-billion dollar capital program for wastewater cleanup. Substantial rate increases will be necessary over the next several years to help fund this program. While this is certainly a point of concern, the commission's sound financial position and its use of a rate stabilization fund should help mitigate this risk. The current downturn of the Boston economy has been largely incorporated in the commission's projections.
 -0- 8/27/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Boston Water and Sewer Commission ST: Massachusetts IN: UTI SU: RTG


SH -- NY069 -- 4080 08/27/92 15:54 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
Words:261
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