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MOODY'S ASSIGNS "A1" RATING TO TAX ALLOCATION REVENUE BONDS OF ANAHEIM REDEVELOPMENT AGENCY, CALIFORNIA

 MOODY'S ASSIGNS "A1" RATING TO TAX ALLOCATION REVENUE
 BONDS OF ANAHEIM REDEVELOPMENT AGENCY, CALIFORNIA
 NEW YORK, March 6 /PRNewswire/ -- Effective yesterday, Moody's Investors Service assigned an "A1" rating to the Anaheim Redevelopment Agency's $135 million 1992 tax allocation revenue bonds (Redevelopment Project Alpha), scheduled for negotiation today. This is currently the only tax allocation bond of a redevelopment agency rated "A1" and is the highest rating awarded by Moody's in California (excluding insured or credit enhanced issues).
 In assigning the rating, Moody's cited the importance of the project area to the city's economic base, the large size and diversity of the project area, which includes Rockwell International, and satisfactory levels of projected debt service coverage by incremental revenues. It was also noted that future development of the remaining 94 acres of vacant land may be expected to increase the level of tax increment revenues and further enhance debt service coverage. The current offering will refund the following tax allocation revenue bonds of the agency: Series D, Issues 1986A and the callable portion of the Series 1986A and results in a present value cost savings. This issue will also finance continued infrastructure improvements within the project area further enhancing development potential.
 The agency does not anticipate any further borrowing for the next several years which should preserve the integrity of the projected debt service coverage levels.
 -0- 3/6/92
 /CONTACT: Helen Wong, senior analyst, 212-553-4154, Barbara Flickinger, vice president-manager, 212-553-7736, or Diane Schenkman, assistant vice president, 212-553-0579, all of Moody's/ CO: Anaheim Redevelopment Agency ST: California IN: SU: RTG


AH-CK -- NY033 -- 5884 03/06/92 12:53 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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