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NEW YORK CITY MUNICIPAL WATER AUTHORITY BONDS 'A' AND 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE

 NEW YORK, Nov. 5 /PRNewswire/ -- New York City Municipal Water Finance Authority's $750 million water and sewer system fixed rate fiscal 1994 series B bonds, proceeds of which are for refunding purposes, are rated "A" by Fitch. The authority's $200 million water and sewer system adjustable rate fiscal 1994 series C bonds, insured by FGIC with liquidity support provided by FGIC Securities Purchase, Inc., are rated "AAA/F-1+". The authority's $4.3 billion outstanding "A" bonds and $375 million outstanding 'F-1' bond anticipation notes, fiscal 1993 series A are affirmed. The credit trend is stable. The 1994 bonds are scheduled to be sold by negotiation Nov. 9, 1994, through a syndicate led by Smith Barney Shearson Inc.
 The authority's financial condition remains strong with historical debt service coverage and operating cash flow at high levels. The authority has demonstrated a willingness to raise charges on a timely basis, and combined water and sewer rates remain reasonable and competitive. Projected rate increases are less than previous expectations, moderated by better than expected financial results. The 10-year capital program is substantial but appears well-conceived and manageable.
 Concerns include the potential of increased capital requirements above the forecast $10 billion resulting from the possible need to expand upstate water supply treatment or other unforeseen events. Sluggish economic conditions in the Northeast region are another concern.
 -0- 11/5/93
 /CONTACT: Rebecca Bachman, 212-908-0516, or Alan Spen, 212-908-0594, both of Fitch/


CO: New York City Municipal Water Finance Authority ST: New York IN: UTI SU: RTG

MP -- NY018 -- 1149 11/05/93 10:11 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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