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MASSACHUSETTS WATER RESOURCES AUTHORITY'S $275 MILLION BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 10 /PRNewswire/ -- Massachusetts Water Resources Authority's $275 million general revenue bonds, 1993 series C, are rated "A" by Fitch. The authority's $2.0 billion outstanding "A" revenue bonds are affirmed. The credit trend is stable. The bonds are scheduled to be sold through negotiation the week of Nov. 15 by a group led by Bear, Stearns & Co.
 The rating reflects conservative financial practices that have enabled the authority to maintain solid fiscal performance despite rapidly escalating fixed costs and upward rate pressure resulting from an almost $5 billion capital program. Progress continues on the court- mandated program, and federal oversight assures timeliness on most of the program phases. The service area is fundamentally strong with a viable long-term economic base. Legal provisions are solid, and charges to participating local units are not constrained by Proposition 2-1/2.
 Concerns include the continuing need to raise rates to fund the program although future increases are expected to be more moderate than in the past. Needed additional bonding authority requires state legislative approval. Political sensitivity exists at both federal and local levels. Some recent slippage in Deer Island plant construction is noted; however, most capital targets have been attained and projects remain on schedule.
 -0- 11/10/93
 /CONTACT: Rebecca Bachman, 212-908-0516, or Alan Spen, 212-908-0594, both of Fitch/


CO: Massachusetts Water Resources Authority ST: Massachusetts IN: UTI SU: RTG

TW -- NY047 -- 2723 11/10/93 11:38 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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