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PASADENA (CALIF.) $15 MILLION WATER REVENUE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 19 /PRNewswire/ -- Pasadena, Calif.'s $15 million 1993 water revenue bonds are rated 'AA' by Fitch. Pasadena's $10 million outstanding 'AA' 1991 water revenue bonds are affirmed. The credit trend is stable. The bonds are scheduled to be sold by negotiation the week of June 7.
 A historically prospective water management strategy enabled the Pasadena water division to weather the six-year California drought and maintain more-than-ample water reserves. The ongoing capital program, which is quite manageable, is designed to increase this strong service territory's local water resources and minimize purchased water costs. While the division purchases a significant amount of its water supply from the Metropolitan Water District of Southern California (MWD), over half of that is at the lower off-peak seasonal storage rate, resulting in rates competitive with surrounding communities. Financial operations are sound, with a strong balance sheet, reasonable debt schedule, and forecast debt service coverage of over 2.0 times.
 The major concern is that the city will continue to depend on MWD for a good portion of its water supply. Additionally, water usage is expected to be essentially flat, although competitive rates could prove an offset.
 -0- 5/19/93
 /CONTACT: Rebecca Bachman of Fitch, 212-908-0516/


CO: City of Pasadena ST: California IN: UTI SU: RTG

SH -- NY037 -- 0218 05/19/93 10:50 EDT
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Publication:PR Newswire
Date:May 19, 1993
Words:222
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