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CLEVELAND (OH) PARKING REVENUE BONDS RATED 'BBB CONDITIONAL' BY FITCH -- FITCH FINANCIAL WIRE --

CLEVELAND (OH) PARKING REVENUE BONDS RATED 'BBB CONDITIONAL' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 12 /PRNewswire/ -- Cleveland (OH)'s $71 million Parking Facilities Improvement Revenue Bonds, Series 1992 are rated 'BBB conditional' by Fitch. The bonds are scheduled to sell through negotiation the week of Oct. 19 by a McDonald & Co. Securities, Inc., syndicate.
 The conditional aspect of the rating reflects the need to construct the three parking garage facilities which will generate the revenues securing the bonds and is expected to be removed approximately six months after completion of the project. Two of the parking garages, the Gateway facilities, will be constructed in conjunction with the new Gateway Sports Complex scheduled for completion in 1994. The complex includes a stadium for the Cleveland Indians baseball team and an arena for the Cleveland Cavaliers basketball team. The third garage will replace an existing structure near City Hall. The city has also pledged to deposit in the beginning of each year up to $3 million in non-tax revenues to be used as a supplement to parking meter revenues. This additional pledge will not be available to offset any decline in parking garage revenues.
 The feasibility study forecasts debt service coverage in excess of 1.30 times through 1998. The key assumptions in the study, which appear fairly conservative, include: no rate increases at the garage near City Hall through 1998, with annual increases of 4 percent at the Gateway facilities; parking usage at the new facilities will be in-line with existing nearby garages; initial parking rates at the Gateway facilities will be lower than the average of existing garages in the area; and approximately 60 percent of the Gateway facility revenues will come from weekday parking as opposed to a reliance on stadium and arena events.
 -0- 10/12/92
 /CONTACT: Susan M. Courtney, 212-908-0503, or Colleen Woodell, 212-908-0507, both of Fitch/ CO: Cleveland, Ohio ST: Ohio IN: SU: RTG


LR -- NY028 -- 8779 10/12/92 10:15 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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