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ERIE CITY (PA) WATER REVENUE BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 ERIE CITY (PA) WATER REVENUE BONDS RATED 'BBB' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 23 /PRNewswire/ -- Erie City Water Authority's $9 million revenue bonds, series A of 1992, are rated 'BBB' by Fitch. The 'BBB' rating on its outstanding $24.9 million water revenue bonds, series of 1991 is affirmed. The credit trend is stable.
 The rating reflects the 1992 completion of the transfer of the previously city-operated system to a water authority which affords the water system greater rate setting autonomy and flexibility. Historically, the system has been self-supporting, and it is expected that future operation by experienced utility management will improve performance. A professional new board has implemented needed, significant rate increases and established a more gradual rate acceleration schedule for the next five years. Recommendations contained in a comprehensive management audit and operations review are being effected, establishing a base for future system improvements. The system's water supply, Lake Erie, is plentiful and inexpensive.
 Although the substantial rate increases were necessary to fund capital improvements and debt payments, the magnitude is a concern. An unusually large industrial sales base and the concentration of sales to the five largest users renders the authority particularly sensitive to water use cutbacks at times of large rate increases. Additionally, service territory economics are somewhat below state and national averages.
 -0- 10/23/92
 /CONTACT: Rebecca Bachman of Fitch, 212-908-0516/ CO: Erie City Water Authority ST: Pennsylvania IN: UTI SU: RTG


LR -- NY060 -- 4255 10/23/92 14:53 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
Words:250
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