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CONNECTICUT $105 MILLION CLEAN WATER FUND REVENUE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

CONNECTICUT $105 MILLION CLEAN WATER FUND REVENUE BONDS RATED 'AA'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 6 /PRNewswire/ -- Connecticut's $105 million Clean Water Fund Revenue Bonds, 1992 Series, are rated 'AA' by Fitch. The rating also applies to $100 million outstanding parity bonds. The credit trend is stable.
 The 1992 Series represents the second bond issuance by Connecticut for its state revolving fund program (SRF) in the Clean Water Fund. To date, the program has been prudently managed by a partnership of the state's Department of Environmental Protection and the Office of the State Treasurer. As currently envisioned, the state expects to issue approximately $750 million revenue bonds to fund its SRF Program through 1995. It further expects to issue approximately $379 million state general obligation bonds as equity contributions to the program, thus evidencing extremely strong state support for the program. The loan portfolio of anticipated borrowers through 1996 is also strong; the weighted average rating of the pool is in the high 'A' category. Furthermore, the structure of the bond program lends exceptional default tolerance to the portfolio. A stress test in which all 'BBB' and 'A' quality loans in the 1992 Series (46 percent) were defaulted for the entire 20-year amortization period demonstrates that no bond default would occur during that time.
 Under the Federal Water Quality Act of 1987, which amended the Clean Water Act of 1972, the federal grants program for wastewater treatment projects was eliminated and succeeded by state revolving fund programs. Through these programs, federal capitalization grants are awarded to qualifying states to establish and capitalize SRFs to provide loans to local governments for wastewater treatment projects. To receive such a federal grant, a state must provide matching funds equal to at least 20 percent of the federal capitalization grants. At the present time, the Connecticut has already provided more than its 20 percent matching share of all federal capital grants expected to be received by the state through 1995.
 -0- 1/6/91
 /CONTACT: Andrea R. Bozzo, 212-908-0515, or Stewart Simon, 212-908-0508, both of Fitch/ CO: Connecticut Clean Water Fund ST: Connecticut IN: UTI SU: RTG


KD -- NY030 -- 6853 01/06/92 11:14 EST
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Date:Jan 6, 1992
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