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MARYLAND WATER QUALITY $16.5 MILLION REVENUE BONDS RATED

MARYLAND WATER QUALITY $16.5 MILLION REVENUE BONDS RATED A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 5 /PRNewswire/ -- The Maryland Water Quality Financing Administration's $16.5 million Revolving Loan Fund Revenue Bonds, Series 1991 B are rated "A+" by Fitch. The "A+" rating is affirmed on $68.4 million outstanding parity bonds. The credit trend is stable. This issue is scheduled to be sold through negotiation by a syndicate led by Kidder, Peabody & Co., Inc. and Legg Mason Wood Walker Inc. during the week of Nov. 11.
 The rating reflects the maturing of the program and the cumulative effect of loan diversification with each successive bond series issuance; with this issue, 28 municipalities will have borrowed through the program. The weighted average of the portfolio of borrowers based on loan amount is currently at the lower end of the "AA" category. The resultant cash flows are required to produce at least 1.2 times annual debt service coverage. A separate debt service reserve fund provides additional liquidity. The coordination of several state departments to handle all aspects of the program from financing to construction has proven to be an effective means of program management.
 The federal grants program for wastewater treatment projects established under the Clean Water Act of 1972 has been replaced by a program established under the Water Quality Act of 1987. This program authorizes the United States Environmental Protection Agency to award capitalization grants to qualifying states to establish and capitalize state water pollution control revolving funds to provide loans to local governments for sewage treatment projects.
 The Maryland Water Quality Financing Administration was created in 1988 as a unit of the State Department of the Environment to assist local governments in financing wastewater facilities through the use of such a state revolving fund. This financing of the Maryland Water Quality Financing Administration is its fourth issuance of bonds in conjunction with this program. The administration's plan for the program currently envisions about 40 borrowers financing a total loan amount of $542 million in projects through 1994.
 -0- 11/5/91
 /CONTACT: Andrea R. Bozzo, 212-908-0515, or Stewart Simon, 212-908-0508, both of Fitch/ CO: Maryland Water Quality Financing Administration ST: Maryland IN: SU: RTG SH -- NY042 -- 1214 11/05/91 11:34 EST
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Date:Nov 5, 1991
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