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NYS EFC BONDS FOR NYC MUNICIPAL WATER FINANCIAL AUTHORITY RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NYS EFC BONDS FOR NYC MUNICIPAL WATER FINANCIAL AUTHORITY
 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 3 /PRNewswire/ -- The New York State Environmental Facilities Corporation (EFC) state water pollution control revolving fund revenue bonds, Series 1991 E (New York City Municipal Water Finance Authority Project) have been rated 'AA' by Fitch. The credit trend is stable. The EFC will offer $342.3 million bonds through negotiation on Dec. 4 with Goldman, Sachs & Co.
 The New York State EFC has an established record as a high quality credit. Proceeds of this issue will finance projects solely for the New York City Municipal Water Authority and therefore the repayment obligation rests with the combination of the authority's revenue bond credit, enhanced by strong layers of reserves provided by the EFC legal structure.
 Since its inception in the mid-1980s, New York City Municipal Water Finance Authority has evolved into a frequent, sizable issuer of debt for the city's water and wastewater system. The authority was created to diversify the city into revenue bonds and has successfully achieved this goal. The credit characteristics of the authority are stronger than those of the city itself, with the system generally less recession- sensitive and its operating and capital needs are easily quantifiable. Financial performance has been strong, with good coverage levels being maintained primarily due to annual rate increases. Double digit rate increases will be required well into the future to enable revenues to increase commensurately with operating costs, as well as to meet increasing debt service costs. The authority has a large capital program that will require annual issuances of over $1 billion and ultimately will result in debt service approximately equal to operating costs.
 -0- 12/3/91
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: New York State Environmental Facilities Corporation ST: New York IN: UTI SU: RTG


JT -- NY082 -- 8885 12/03/91 16:06 EST
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Publication:PR Newswire
Date:Dec 3, 1991
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