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TRIGEN-TRENTON (N.J.) DISTRICT ENERGY BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 19 /PRNewswire/ -- New Jersey Economic Development Authority's $43.4 million Cogeneration District Heating and Cooling System Revenue Bonds, (Trigen-Trenton Project), 1993 Series A, B, and C are rated "BBB" by Fitch. The credit trend is stable. Lazard Freres & Co. expects to price the series 1993 bonds the week of April 26.
 Trigen-Trenton District Energy Co., L.P., operates a cogeneration heating and cooling system in Trenton, providing service to a number of customers, including state, county, city and private entities. Electricity produced by the system is sold to Public Service Electric & Gas Co. (PSE&G) for resale to others.
 Following a difficult period of financial operations in the late 1980s, the company restructured its business and has been performing satisfactorily ever since. Stable electric and hot water sales have recently been supplemented by growth of the higher margined chilled water business. Part of this financing will be used to increase capacity in this profitable area.
 Positive credit factors include the essentiality of the utility services provided, together with the stability afforded by a large group of customers, including many governmental offices located in Trenton, the state capital of New Jersey. Management is highly experienced and has demonstrated an ability to successfully operate this integrated system. Legal covenants are satisfactory and debt coverage ratios provide reasonable bondholder protection.
 Credit concerns relate to certain customer sales agreements expiring prior to final maturity of the bonds and the possibility of governmental nonappropriation to pay for services provided. Based on the importance of the utility services and their competitive pricing structure, the risk of losing customers or non payment does not appear to be great. An additional concern are certain provisions in the contractual sales agreements which permit the pass through of fuel expense but limit the company's ability to adjust rates and increase revenues if needed.
 -0- 4/19/93
 /CONTACT: Alan Spen, 212-908-0594 or Robert Hornick, 212-908-0564, both of Fitch/


CO: Trigen-Trenton District Energy Co., L.P. ST: New Jersey IN: SU: RTG

TS -- NY067 -- 7273 04/19/93 10:23 EDT
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Date:Apr 19, 1993
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