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BRISTOL, CONN. RESOURCE RECOVERY FACILITY $68 MILLION BONDS 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 17 /PRNewswire/ -- Bristol Resource Recovery Facility Operating Committee's $68 million solid waste revenue refunding bonds (Ogden Martin System's of Bristol, Inc. Project 1995 series) are rated 'A'. The credit trend is stable.
 This 650-ton per day mass burn solid waste disposal facility, operating since 1988, provides service to 14 contracting communities throughout Connecticut. Historical project performance has been good, supported by sufficient and generally stable quantities of processed waste and sales of electricity to Connecticut Light and Power Co. Waste disposal fees are quite competitive. Tipping fees are presently $55 a ton. A subsidiary of Ogden Martin Systems, Inc. built and operates the facility, which uses the long accepted and successful Martin technology. Legal provisions are strong, and are enhanced by joint and several agreements among the contracting participants. Projections within the consulting engineer's report appear reasonable and should ensure continued usage of the facility by the member communities.
 Concerns focus on the slightly below average credit quality of the major participants, several of which are home to companies within the defense industry. The need to develop alternative landfill sites should the Bristol landfill close is less of an issue, since other sites have been determined and costs associated with these facilities are accounted for in the R.W. Beck and Associates study. Federal and state lawsuits challenging the validity of flow control ordinances are currently under review. However, given the competitiveness of the Bristol plant, any potential impact should be small.
 -0- 11/17/93
 /CONTACT: Alan Spen of Fitch, 212-908-0594/


CO: ST: Connecticut IN: ENV SU: RTG

TM -- NY102 -- 5697 11/17/93 16:55 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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