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HEMET, CALIF., WATER REVENUE BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 HEMET, CALIF., WATER REVENUE BONDS RATED 'BBB' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 30 /PRNewswire/ -- The $5,820,000 Hemet Public Financing Authority, Calif., water revenue bonds scheduled to be sold August 13, are rated "BBB" by Fitch. The credit trend is stable.
 The water system serves approximately one third of the Hemet City area which is located in Riverside County. Water is supplied primarily by owned or leased wells with backup agreements for purchases from Eastern Municipal Water District which, in turn, is supplied by Metropolitan Municipal Water District.
 The rating reflects Hemet's control over its own water supply, its competitive rate structure, improving financial outlook, and better economic prospects. Debt service coverage is expected to approximate 1.70 times or greater over the foreseeable future, aided by the city's control over its own rates. However, annual price increases will be needed to meet financial goals, and the system is essentially in a financial start-up position.
 Additionally, further financing may be forthcoming, and a growing dependence on water purchases is possible over the long term, depending upon system demands and aquifer limitations.
 -0- 7/30/92
 /CONTACT: Rebecca Bachman of Fitch, 212-908-0516/ CO: Danbury, Conn. ST: Connecticut IN: SU: RTG


TS -- NY053 -- 5080 07/30/92 12:02 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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