Printer Friendly

MOODY'S ASSIGNS HIGH GRADE RATINGS TO BEVERLY HILLS WATER AND WASTEWATER REVENUE BONDS

 NEW YORK, Nov. 20 ~PRNewswire~ -- Effective yesterday, Moody's Investors Service assigned a "Aa1" rating to the $15 million Water Revenue Bond issuance by the Beverly Hills' Public Financing Authority and a "Aa" to the Authority's $25 million Wastewater Revenue Bonds. Both bonds are scheduled for competitive sale on Dec. 8. The "Aa1" rating on the water revenue bonds is the highest rating on a water system in California.
 According to Moody's, the high quality ratings assigned to both issues are based on the high wealth levels and economic stability of the customer base. Beverly Hills is an affluent community with distinctive residential property and desirable commercial and business environment, Consequently, the customer base is able to absorb the large rate increases already enacted and expected from both the water and wastewater systems. Additionally, the systems have sufficient capacity to meet the demands of the stable customer base.
 The distinction between the ratings relates to the level of uncertainty associated with the cost of the Los Angeles Watewater Treatment Facility (Hyperion) upgrade. Due to on-going contract negotiations about costs of improvements, the amount and timing of additional debt for the wastewater system are uncertain. However, required rate increases should be easily absorbed by Beverly Hills customers. The proceeds of wastewater system issue will be used to finance the city's share of capital improvements at the Hyperion plant. The water bond proceeds will finance system improvements including the replacement and upgrading of reservoirs.
 -0- 11~20~92
 ~CONTACT: Diane Ridley Gatewood, senior analyst, 212-553-0849, or Barbara Flickinger, vice president and manager, Far West Region, 212-553-7736, both of Moody's~


CO: Beverly Hills' Public Financing Authority ST: California IN: SU: RTG

SH-WB -- NY031 -- 3406 11~20~92 13:38 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1992
Words:286
Previous Article:MERRILL LYNCH $200 MILLION NOTES RATED 'AA-' BY FITCH - FITCH FINANCIAL WIRE --
Next Article:CITICORP TO REDEEM PERSON-TO-PERSON SUBORDINATED CAPITAL NOTES


Related Articles
MOODY'S ASSIGNS
MOODY''S CONFIRMS Aa RATING ON LOS ANGELES, CALIFORNIA DEPARTMENT OF WATER AND POWER ELECTRIC REVENUE BONDS
MOODY'S RAISES RATING ON HENRICO COUNTY'S WATER AND SEWER REVENUE BONDS TO 'A1' FROM 'A' IN CONJUNCTION WITH UTILITY'S FIRST SALE SINCE 1986
MOODY'S ASSIGNS 'Aa' RATING TO SEATTLE'S SALE OF $180,245,000 LIGHT AND POWER REVENUE BONDS
MOODY'S ASSIGNS A RATING TO CITY OF SAVANNAH AIRPORT REVENUE BONDS
MOODY'S ASSIGNS CON.(Baa) RATING TO ONONDAGA COUNTY RESOURCE RECOVERY AGENCY PROJECT REVENUE BONDS
MOODY'S ASSIGNS HIGH GRADE RATINGS TO BEVERLY HILLS WATER AND WASTEWATER REVENUE BONDS
T.O. BONDS EARN PROMISING RATING.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters