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TRINITY RIVER AUTHORITY, TX, REFUNDING BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 5 /PRNewswire/ -- Trinity River Authority of Texas' (TRA) $209.9 million regional wastewater system revenue refunding bonds, series 1993 are rated A+' by Fitch. The A+' rating on the outstanding parity revenue bonds is affirmed. The credit trend is stable. The bonds, which refunded approximately $184 million of outstanding wastewater system revenue bonds, were offered through negotiated sale by a Dillon, Read & Co., Inc. syndicate on Jan. 25, 1993.
 The regional wastewater system provides service to 19 municipalities and the Dallas/Fort Worth International Airport (DFW) located in the Dallas/Fort Worth metroplex. Credit quality of the contracting parties is above average and the customer base is diversified and growing. Plant performance is excellent and sufficient capacity exists well into the next century, lessening the need for future capital expenditures. Good management and board oversight are additional strengths.
 Current residential utility rates are high, but should benefit from smaller projected wholesale rate increases. Legal covenants are adequate, with TRA revenue requirements tied to a cost of service methodology. As a result, debt service coverage tends to be slightly in excess of 1.0 times.
 -0- 2/5/93
 /CONTACT: Rebecca Bachman, 212-908-0516, or Alan Spen, 212-908-0594, both of Fitch/


CO: Trinity River Authority of Texas ST: Texas IN: SU: RTG

TM -- NY067 -- 3725 02/05/93 17:18 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:222
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