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MOODY'S UPGRADES ITS RATING OF HACKENSACK WATER COMPANY DEBT

 MOODY'S UPGRADES ITS RATING OF HACKENSACK WATER COMPANY DEBT
 HARRINGTON PARK, N.J., April 23 /PRNewswire/ -- Hackensack Water Company announced today that Moody's Investors Service has upgraded its rating of the utility's senior secured debt issues from A3 to A2. Hackensack Water is the principal subsidiary of United Water Resources (NYSE: UWR).
 Approximately $240 million of first mortgage and secured industrial revenue bonds are affected by the new securities rating. In its announcement, the rating agency cited "fundamental improvements in the company's operations and financial profile" and recent completion of capital projects which "will eliminate the need for major rate filings in the years ahead."
 Moody's stated that the company's Wanaque South project provides water reserves well above those required by the worst drought conditions to date. "The company has also added a state-of-the-art treatment facility at Haworth and has extended hands-off metering to 87 percent of residential customers."
 Robert A. Gerber, chairman of Hackensack Water, said the company was pleased that its strong and improved financial condition is gaining recognition among the financial community. "Moody's action, along with a similar upgrade by Standard & Poor's earlier this month, emphasizes the health and stability of our core water business."
 -0- 4/23/92
 /CONTACT: Carolyn M. Iglesias of United Water Resources, 201-767-2836, or evenings and weekends, 201-487-0011/
 (UWR) CO: Hackensack Water Co.; United Water Resources ST: New Jersey IN: UTI SU: RTG


KD -- NY094 -- 1914 04/23/92 12:56 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:240
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