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MOODY'S ASSIGNS CON.(Baa) RATING TO ONONDAGA COUNTY RESOURCE RECOVERY AGENCY PROJECT REVENUE BONDS

 MOODY'S ASSIGNS CON.(Baa) RATING TO ONONDAGA COUNTY
 RESOURCE RECOVERY AGENCY PROJECT REVENUE BONDS
 NEW YORK, Nov. 11 /PRNewswire/ -- Effective today, Moody's Investors Service assigned a Con.(Baa) rating to the $185.6 million Onondaga County Resource Recovery Agency Project Revenue Bonds to be sold through negotiation the week of Nov. 16.
 Proceeds of the project revenue bonds will be used to build a 990 ton-per-day mass burn waste-to-energy facility serving Onondaga county.
 In assigning the rating, Moody's stated that the agency has "adequate flow control, an operational sold waste disposal system which has already absorbed much of the rate increase needed to support the waste-to-energy facility, and apparent political support for the resource recovery facility. Virtually all permits necessary to begin the facility's construction have been received and there is no litigation currently pending which appears likely to materially affect the bondholder. The facility has been appropriately sized and base case assumptions in the feasibility study assume that the county will achieve 40 percent recycling by 1997, as required by the state. The inherent uncertainty associated with the construction of a waste-to-energy facility, the potential reliance on payments from Ogden, the ability to terminate the service agreement under certain limited circumstances and the need to establish an in-county landfill are all potential risks which have been reflected in the medium grade rating on the project revenue bonds. The conditional rating is expected to remain in place through acceptance and the two year recession period allowed under the service agreement.
 -0- 11/11/92
 /CONTACT: Marie S. Pisecki, assistant vice president/supervisor - Mid-Atlantic Region, 212-553-7120, or Diana Roswick, vice president/assistant director - regional ratings, 212-553-0491, both of Moody's Public Finance Department/ CO: ST: New York IN: SU: RTG


LD-AH -- NY089 -- 9905 11/11/92 17:18 EST
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Publication:PR Newswire
Date:Nov 11, 1992
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