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PLATTE RIVER POWER AUTHORITY (COLO.) POWER REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

    NEW YORK, Nov. 16 ~PRNewswire~ -- Platte River Power Authority (Colo.)'s $114.5 million Power Revenue Bonds, Series BB are rated "A+" by Fitch.  The authority's $245.7 million of outstanding prior lien Electric Revenue bonds and $284.7 million of subordinate lien Power Revenue bonds are rated "AA" and "A+", respectively.  The higher rating on the electric revenue bonds reflects the closed lien and very strong debt service coverage protection.  The credit trend is stable.
    Helped by a favorable power sales contract with Public Service Co. of Colorado, Platte River has achieved a record of excellent financial performance, resulting in the buildup of sizable cash reserves and eliminating the need for rate increases over the past nine years. Abundant low-cost generation and good transmission arrangements place the authority in a strong position for future power sales to existing and new customers. Projected financing requirements are modest and rate increases minimal. Increased economic diversification among the member cities is also noted.
    Credit concerns include issues raised by a recent Colorado constitutional amendment which could restrict the financial flexibility of state and local governments.  Another concern is increased pressure on the authority resulting from higher rates for Western Area Power Administration (WAPA) energy.  However, conservative assumptions for future WAPA cost increases provide some comfort.
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    CONTACT:  Alan Spen, 212-908-0594, or Susan M. Courtney, 212-908-0503, both of Fitch CO:  PLATTE RIVER POWER AUTHORITY ST:  CO


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Publication:PR Newswire
Date:Nov 16, 1992
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Previous Article:MOODY'S RAISES RATING ON PLATTE RIVER POWER AUTHORITY, COLORADO POWER REVENUE BONDS AND ELECTRIC REVENUE BONDS TO Aa FROM A1
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