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SAN ANTONIO ELECTRIC & GAS REVENUE BONDS UPGRADED TO 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

SAN ANTONIO ELECTRIC & GAS REVENUE BONDS UPGRADED TO 'AA+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 5 /PRNewswire/ -- San Antonio, Texas' $700.8 million Electric and Gas Systems Revenue Refunding Bonds New Series 1992 are rated 'AA+' by Fitch. The ratings on approximately $2.8 billion outstanding New Series Bonds are upgraded to 'AA+' from 'AA'. The rating on $63.1 million senior lien Old Series Bonds is affirmed at 'AAA'. The credit trend is stable. The bonds were priced on Aug. 4 by a syndicate led by The First Boston Corp.
 The higher rating reflects San Antonio City Public Service's (CPS) record of excellent financial performance, consistently high debt service coverage, and combined utility rates that are below all other major cities in Texas. With the completion of the South Texas Nuclear Project (STP) and the impending commercial operation of the J.K. Spruce coal-fired unit, capital requirements will be substantially reduced.
 In addition, low fuel prices and an emphasis on greater operating efficiencies should preclude any base rate increases over the next several years. The improved operating performance of the STP units is expected to continue, as non-nuclear related problems experienced during the plant's early years appear to be resolved. Also viewed favorably is the utility's highly capable management team.
 The city continues to benefit from positive economic growth and is well positioned for future development. While sales to military facilities in the service area account for less than 5 percent of the systems' revenues, the overall influence of the military on the economy remains significant.
 -0- 8/5/92
 /CONTACT: Alan Spen, 212-908-0594, or Susan M. Courtney, 212-908-0503, both of Fitch/ CO: ST: Texas IN: UTI SU: RTG


SM -- NY070 -- 7201 08/05/92 15:15 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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