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LOS ANGELES WASTEWATER REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 LOS ANGELES WASTEWATER REVENUE BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 12 /PRNewswire/ -- The City of Los Angeles' $200 million wastewater system revenue bonds series 1992-B are rated 'A+' by Fitch. They are to be issued on parity with $1.3 billion outstanding system bonds which are affirmed at 'A+'. The credit trend is stable. The 1992-B bonds are to be sold competitively June 16.
 The ratings reflect the satisfactory progress the city is making with its extensive wastewater system capital improvement program, which is designed to upgrade plant facilities and put its sewer system in compliance with federal and state environmental regulations. Sewer system rates, while increased sharply over the past five years, are expected to remain competitive with those of other major city systems in the future. Increases are expected to moderate after 1992.
 Concerns relate to the size and scope of the capital improvement program, which could be impacted by future state and federal environmental mandates. Although future financial requirements are large, the fiscal year ended July 1993 should be the peak year for capital outlays. Debt service coverage is expected to gradually decline during the next five years but should remain satisfactory at about 1.50 times (x).
 -0- 6/12/92
 /CONTACT: Alan Spen, 212-908-0594, or Rebecca Bachman, 212-908-0516, both of Fitch/ CO: City of Los Angeles ST: California IN: SU: RTG


LR -- NY036 -- 9628 06/12/92 11:34 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:240
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