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NORTH CAROLINA MUNICIPAL POWER AGENCY NO. 1 BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

NORTH CAROLINA MUNICIPAL POWER AGENCY NO. 1 BONDS RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 6 /PRNewswire/ -- North Carolina Municipal Power Agency No. 1's $1.288 billion Catawba electric revenue bonds, series 1992, are rated 'A' by Fitch. The agency's $1.341 billion outstanding Catawba electric revenue bonds are also rated 'A'. The credit trend is stable. The 1992 bonds are scheduled to sell through negotiation the week of Nov. 16 by a Goldman, Sachs & Co. syndicate.
 The rating on the agency's electric revenue bonds reflects favorable operating records for the Catawba and McGuire nuclear stations and project diversity provided by reliability exchanges, sell-back arrangements, and supplemental power purchases with Duke Power Co. Agency participants are economically sound with a history of good electric system operations. Except for certain expenditures at the Catawba station to correct stress cracking in the steam generator tubes, future capital needs are modest and financing requirements are low. The highly experienced management has demonstrated an awareness of the competitive environment faced by the agency and has outlined steps to meet these challenges.
 Credit risks focus on the need to significantly raise rates to the participants as the sell-back arrangement with Duke Power ends in the year 2000. Rates at the residential level, while currently competitive with Duke's, are expected to rise through the decade. A heavy reliance on revenues from a few large participants and the need for planned outages at several of the nuclear units over the next several years are of less concern. Legal provisions are satisfactory and comparable with similar credits.
 -0- 11/6/92
 /CONTACT: Alan Spen, 212-908-0594 or Susan M. Courtney, 212-908-0503, both of Fitch/ CO: North Carolina Municipal Power Agency Inc. ST: North Carolina IN: UTI SU: RTG


LR -- NY052 -- 8253 11/06/92 14:57 EST
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Date:Nov 6, 1992
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