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SAN ANGELO SEWER SYSTEM (TEXAS) $8.8 MILLION REFUNDING REVENUE BONDS 'A' BY FITCH -- FITCH FINANCIAL WIRE

 NEW YORK, Nov. 5 /PRNewswire/ -- The City of San Angelo, Texas's $8.8 million sewer system revenue refunding bonds, series 1993 are rated "A" by Fitch. The bonds are scheduled to sell through competitive bidding Nov. 9, 1993. Interest is payable semiannually on April 1 and Oct. 1, commencing April 1, 1994. Principal matures serially from April 1, 1994-2008. Bonds maturing on or after April 1, 2002 are subject to optional redemption on or after April 1, 2001 at par.
 The "A" rating reflects the city's stable population and economic base, strong legal covenants, adequate historical coverage of debt service from pledged revenues and stable financial operations. Following a $25.5 million sewer revenue bond issue in 1992, the city has begun to expand the capacity of its wastewater treatment to alleviate overflow problems and upgrade treatment facilities in compliance with a Texas Water Commission administrative order. Plant expansion is expected to meet projected population growth out to the year 2007.
 Successful completion and implementation of the capital improvement plan is a key challenge facing city management. The scope of the project is larger than any undertaken for wastewater treatment in the city's history, and will meet standards set by the Texas Water Commission. The commission's oversight is a positive credit factor.
 The credit trend is stable.
 -0- 11/5/93
 /CONTACT: David C. Pink of Fitch, 212-908-0678/


CO: ST: Texas IN: SU: RTG

MP -- NY021 -- 1153 11/05/93 10:18 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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