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NIAGARA FALLS BRIDGE COMM 1993A&B BONDS 'AAA/F-1+' & 'AAA' BY FITCH --FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 12 /PRNewswire/ -- Niagara Falls Bridge Commission's weekly adjustable/fixed-rate toll bridge system revenue bonds, series 1993A are rated `AAA/F-1+' and toll bridge system revenue bonds, series 1993B `AAA' by Fitch. The long-term ratings are based on the 100 percent credit support provided by Financial Guaranty Insurance Co.'s (FGIC) insurance policy. The series A short-term rating reflects the standby bond purchase agreement with The Industrial Bank of Japan, Ltd. (IBJ), providing 100 percent liquidity support.
 The series A bonds' coupon will reset weekly until conversion, at the option of the commission, to a fixed rate. The series B bonds bear interest at a fixed rate until maturity. Interest on both series is tax- exempt and payable on the first business day of April and October, beginning Oct. 1, 1993.
 FGIC guarantees the full payment of principal at stated maturity dates or mandatory sinking fund redemption dates and full payment of interest on all interest payment dates.
 The series A bonds are subject to optional and mandatory tenders for purchase while they bear weekly interest rates. Remarketing proceeds will be used to pay tendered bonds. Any shortfalls will be funded by IBJ. The term of the IBJ commitment is 364 days. If the commitment is not renewed or replaced with an alternate, all series A bonds will be subject to mandatory tender prior to expiration.
 -0- 8/12/93
 /CONTACT: David R. Howard of Fitch, 212-908-0677/


CO: Niagara Falls Bridge Commission ST: New York IN: SU: RTG

MP -- NY074 -- 2254 08/12/93 16:15 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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