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SPOKANE, WASH. WATER REVENUE BOND RATING UPGRADED FROM

SPOKANE, WASH. WATER REVENUE BOND RATING UPGRADED FROM A1' TO Aa';
 MOODY'S CITES AMPLE WATER SUPPLY AND SOUND FINANCES
 NEW YORK, Nov. 12 /PRNewswire/ -- Effective Nov. 11, Moody's Investors Service upgraded the rating on Spokane, Wash. water revenue bonds from "A1" to "Aa." The revised rating applies to the expected sale through negotiation of $12,245,000 in Water Revenue Refunding Bonds, 1991, as well as the $16,250,000 outstanding Water Revenue Bonds.
 Key rating factors are a secure water supply, well-maintained financial operations, and a stable customer base. Sound financial management is reflected by growth in net revenues, strong financial ratios and good projected coverage of peak debt service requirements. The system derives water from an underground aquifer and distributes it to the city and surrounding areas. The water requires minimal treatment and supply is ample. The stable customer base and the city's longstanding position as a service area for eastern Washington and western Idaho provide further support for the rating upgrade. Proceeds of the issuance will be used to advance refund and callable portion of the system's outstanding 1985 bonds in 1994. There are no further plans to issue debt and amortization is rapid with all debt retired in nine years.
 -0- 11/12/91
 /CONTACT: Barbara Flickinger, 415-274-1700, or Nicole Johnson, 212-553-4573, both of Moody's/ CO: City of Spokane ST: Washington IN: SU: RTG SM-SH -- NY025 -- 3368 11/12/91 10:29 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 12, 1991
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