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CHELAN CO. (WA) PUD No. 1 CONSOLIDATED HYDRO BONDS RATED 'A+' BY FITCH --FITCH FINANCIAL WIRE--

CHELAN CO. (WA) PUD No. 1 CONSOLIDATED HYDRO BONDS RATED 'A+' BY FITCH
 --FITCH FINANCIAL WIRE--
 NEW YORK, Aug. 17 /PRNewswire/ -- Chelan County (WA) Public Utility District No. 1's proposed $20 million hydro consolidated system revenue bonds are rated 'A+' by Fitch. The 'A+' ratings on the district's outstanding Rocky Reach, Rock Island, and Lake Chelan Hydro-Electric System Revenue Bonds are affirmed. The credit trend is stable. The consolidated system bonds are scheduled to be sold through negotiation the week of Aug. 17, 1992.
 The district's electric rates, which are among the lowest in the nation, reflect its inexpensive hydroelectric projects. Much of the low-cost power is marketed at wholesale under long-term, take-or- pay contracts throughout the Pacific Northwest. Its stated target for debt service coverage on the consolidated bonds of 1.55 times has historically been exceeded by a comfortable margin. Financial performance has been consistently strong, and liquidity is provided through discretionary reserves and other funds.
 While the district's legal structure has proven satisfactory, management maintains greater than usual financial flexibility and there is no specific debt service reserve dedicated to the consolidated system bonds. Highly profitable nonfirm energy sales have been adversely affected this year by low water conditions and could be reduced somewhat by new fishery regulations. However, the latter has been factored into financial forecasts.
 -0- 8/17/92
 /CONTACT: Rebecca Bachman, 212-908-0516 or Alan Spen, 212-908-0594, both of Fitch/ CO: Chelan County Public Utility District No. 1 ST: Washington IN: UTI SU: RTG


DC -- NY017 -- 0405 08/17/92 10:02 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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