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MASSACHUSETTS WATER RESOURCES AUTHORITY RFD. BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 4 /PRNewswire/ -- Certain maturities of Massachusetts Water Resources Authority General Revenue Bonds, Series 1990A are raised to "AAA" from "A" by Fitch.
 The "AAA" rating reflects the fact that the refunded bonds are secured by an irrevocable escrow composed of direct, noncallable obligations of the U.S. Government. Coopers & Lybrand has verified the mathematical accuracy of the computations showing that the escrowed securities plus a small amount of initial cash will be sufficient to pay interest, principal, and the redemption price of the refunded bonds to their respective call dates. The government obligations mature in varying lengths of time prior to the scheduled debt service requirements and call date of the refunded bonds.
 The authority has entered into a float agreement with Lehman Brothers Special Financing Inc. Under the terms of the agreement, Lehman Brothers has the option to sell to the authority new government obligations with available cash balances and proceeds of the maturing government obligations already held in escrow. The new government obligations must mature in time and in sufficient amounts to meet the requirements of the refunded bonds. Coopers & Lybrand also has verified that the escrowed securities plus certain other moneys from the purchases and receipts of securities from the float contract will be sufficient to provide for the payment of the refunded bond requirements when due.
 The $395.9 million General Revenue Bonds, Series 1990A, to be refunded are dated Jan. 15, 1990 and have April 1 maturities. The bonds will be called at a price of 102 on April 1, 2000. The refunded bonds consist of:
 -- $5.6 million serial bonds maturing in 1995
 -- $0.2 million serial bonds maturing in 1996
 -- $4.0 million serial bonds maturing in 2005
 -- $83.4 million term bonds maturing in 2009
 -- $186.7 million term bonds maturing in 2014
 -- $96.0 million term bonds maturing in 2016
 -0- 5/4/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


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

TS -- NY076 -- 4495 05/04/93 16:14 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:342
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