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WASHINGTON CO. (ORE.) UNIFIED SEWERAGE AGENCY RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

WASHINGTON CO. (ORE.) UNIFIED SEWERAGE AGENCY RATED 'A+' BY FITCH -- FITCH
 FINANCIAL WIRE --
 NEW YORK, Sept. 30 /PRNewswire/ -- Washington County, Oregon, Unified Sewerage Agency's (USA) $112.87 million senior lien sewer revenue and refunding bonds, 1992 Series A and $80 million subordinate lien sewer revenue bonds, 1992 Series One are rated 'A+' by Fitch. The credit trend is stable.
 The agency is proceeding with a capital improvement program designed to meet stringent state environmental regulations and provide sufficient capacity for future growth. The size and scope of the mandated program was recently reduced, alleviating concerns about future financing pressures. USA's service territory is economically diverse, rapidly growing, and affluent. Rate flexibility is evident, and the agency's board has demonstrated its willingness to increase fees and charges to maintain a sound financial profile. Projected operating results appear to be conservative and indicate more than adequate bondholder protection.
 Credit concerns include sewerage rates that are presently higher than those of neighboring communities and the need for sizable near term rate increases. However, rate differentials should narrow as other neighboring systems embark on large capital improvement programs. Bond covenants, while adequate, provide the agency with greater than usual flexibility.
 -0- 09/30/92
 CONTACT: Rebecca Bachman, 212-908-0516, or Alan Spen, 212-908-0594, both of Fitch CO: UNIFIED SEWERAGE AGENCY ST: OR -- NY078 -- X627 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
Words:222
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