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MASSACHUSETTS WATER RESOURCES AUTHORITY RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 9 /PRNewswire/ -- Massachusetts Water Resources Authority's (MWRA) $450 million general revenue refunding bonds, 1993 series B are rated A' by Fitch. The A' rating on approximately $2.1 billion parity revenue bonds is affirmed. The credit trend is stable. The bonds are scheduled to sell within a week through negotiation by a Bear, Stearns & Co. Inc. syndicate.
 MWRA's ambitious capital improvement plan to improve water and wastewater quality is well underway, with construction of the Deer Island Harbor Project being at the center of this court-ordered program. While capital requirements remain significant, at over $3.9 billion through fiscal year 1999, projects are generally on schedule and below budget. Conservative financial practices and funding assumptions are viewed favorably, with results consistently outperforming estimates. The well regarded Boston Water and Sewer Commission is the authority's largest customer, accounting for approximately 33 percent of MWRA's combined rates and charges for fiscal year 1993. Legal provisions are sound, as provided in the statute creating the authority and the bond resolution. In addition, the authority's charges to its participating local units are not constrained by Proposition 2-1/2.
 Rising utility rates needed to fund the large capital program remain the primary credit risk, along with a slowdown in the regional economy. Although projected rate increases are substantial, the percentage increase will decline from previous levels and could benefit from possible state funding over the next few years. Further deferral of certain capital components into the next decade would provide additional financial flexibility.
 -0- 3/9/93
 /CONTACT: Alan Spen of Fitch, 212-908-0594/


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

SM -- NY025 -- 4414 03/09/93 09:47 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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