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Fitch Upgrs $250MM Massachusetts Water Resources Authority, Series 1994 CP to 'F1+'.

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NEW YORK--(BUSINESS WIRE)--March 7, 2003

The rating assigned to the $250,000,000 Massachusetts Water Resources Authority, tax exempt commercial paper notes, series 1994, will be upgraded to 'F1+' from 'F1' by Fitch Ratings on March 14, 2003, the effective date of a substitute irrevocable, direct-pay letter of credit to be issued by Bayerische Landesbank, acting through its New York Branch (BLB). The BLB letter of credit replaces the JPMorgan Chase Bank letter of credit currently in effect. All currently outstanding commercial paper notes will mature prior to effective date of the BLB letter of credit. Thereafter, the commercial paper notes to be issued will be secured by the BLB letter of credit. The rating will expire on the earlier of: March 14, 2008, the expiration date of the BLB letter of credit; or any prior termination of the BLB letter of credit.

Deutsche Bank Trust Company Americas is the issuing and paying agent for the commercial paper notes. The dealers are Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated.
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Publication:Business Wire
Date:Mar 7, 2003
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