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SNOHOMISH COUNTY (WASHINGTON) PUD $405.2 MILLION GENERATION BONDS 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 22 /PRNewswire/ -- Public Utility District No. 1 of Snohomish County, Washington's $405.2 million generation system revenue bonds, Series 1993, are rated A+' by Fitch. The A+' rating on the $87.5 million electric system revenue bonds, Series 1991A is affirmed. The credit trend is stable.
 The district continues to exhibit strong financial operations and good long-term growth in energy sales although unusually warm weather conditions depressed operating revenues for the 12 months ended Nov. 30, 1992. Aided by tightening of expenses and lower debt service, coverage was a still impressive 2.92 times(x) vs. 3.10x the prior year. Management's conservative planning and solid financial targets for minimum coverage levels, pay-as-you-go financing, and cash reserves are all viewed favorably.
 Rates will be under some pressure for the first time in 10 years due to expected increases from the Bonneville Power Administration, the district's major energy source accounting for about 80 percent of total power requirements. However, energy prices are expected to remain generally competitive with other regional suppliers, and Bonneville's rates are still among the lowest in the nation. While service territory economic indicators are mixed, the national recessionary impact is expected to be modest. The Boeing Co., the county's largest employer, has been experiencing some slowdown, but it should still continue as a strong contributor to the local economy. A new generation system indenture provides the district with significant flexibility, but this is not viewed as a material credit concern, given the strengths of the utility.
 -0- 1/22/93
 /CONTACT: Rebecca Bachman, 212-908-0516, or Alan Spen, 212-908-0594, both of Fitch/


CO: Public Utility District No. 1 ST: Washington IN: UTI SU: RTG

CK -- NY054 -- 7977 01/22/93 14:25 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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