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PASADENA (CALIF.) ELECTRIC REVENUE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 PASADENA (CALIF.) ELECTRIC REVENUE BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 15 /PRNewswire/ -- Pasadena, Calif.'s $37.7 million electric works revenue bonds, 1992 series are rated "AA" by Fitch, it was announced today. The "AA" rating on $51.8 million outstanding electric works revenue bonds is affirmed. The credit trend is stable. The bonds will be priced July 23 on a competitive basis.
 Pasadena's power division has a long record of sound financial operations characterized by above average debt service coverage and a healthy cash flow. In fiscal 1991, debt service coverage was 3.46 times (x) and is projected to exceed 2.80x through 1996. The division's long-term purchased power contract with the Intermountain Power Agency and its membership in the Southern California Public Power Authority provide access to a diverse mix of generating resources and transmission arrangements. Current available capacity, combined with moderate growth projections, provide the city with several years to plan for new generating resources. Management anticipates the need for peaking capacity later this decade. A stable, established service area with unemployment rates well below the county and state further supports the rating.
 While residential electric rates are above the national average, they are very competitive with the system's main competitor, Southern California Edison Co., and compare favorably with other neighboring utilities. State actions to address a large budget gap could affect many California cities, including Pasadena. While the city has indicated the possibility of transferring an additional $3 million from the electric system to its general fund, such a transfer is not expected to adversely affect the power division's financials.
 -0- 7/15/92
 /CONTACT: Susan M. Courtney of Fitch, 212-908-0503/ CO: Pasadena, Calif. ST: California IN: SU: RTG


TS -- NY032 -- 9491 07/15/92 11:05 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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