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MADERA-CHOWCHILLA POWER AUTH. (CA) REVENUE BONDS DOWNGRADED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 2 /PRNewswire/ -- Madera-Chowchilla Power Authority's (CA) $3.4 million 1983 hydroelectric revenue bonds rating is downgraded to 'D' from 'B' by Fitch. The revised rating reflects the authority's inability to make the full Feb. 1, 1993 coupon payment of $179,500 due to insufficient moneys in the revenue and reserve funds. The bonds are scheduled to mature in 2013.
 The 1983 bonds were issued to finance construction of a 1,835 kilowatt hydroelectric generating facility on the Madera Canal, located in California's Central Valley. The bonds are secured by revenues derived from the sale of all available energy and capacity to Pacific Gas & Electric Co. under a long-term, take-and-pay power sales contract. Due to the prolonged drought in California, the project has been unable to generate sufficient revenues to satisfy the authority's debt service requirements.
 Although it is too early to assess the 1993 water situation, a normal water year could help the authority satisfy the current arrearage and make their August coupon payment.
 The authority, located in Madera, Calif., is a joint powers authority created in 1983 by the Madera Irrigation District and the Chowchilla Water District to develop hydroelectric power projects.
 -0- 02/02/93
 /CONTACT: Susan M. Courtney of Fitch, 212-908-0503/


CO: Madera-Chowchilla Power Authority ST: California IN: UTI SU: RTG

AH -- NY050 -- 1829 02/02/93 11:26 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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