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WOODS HOLE, ETC. STEAMSHIP AUTHORITY (MASS.) BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

WOODS HOLE, ETC. STEAMSHIP AUTHORITY (MASS.) BONDS RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 16 /PRNewswire/ -- Woods Hole, Martha's Vineyard, and Nantucket Steamship Authority, Massachusetts $13.7 million Steamship Bonds, 1992 Series B are rated 'A' by Fitch. The bonds, dated Oct. 15, 1992, will be offered for bids on Oct. 20, and will be callable at 102 percent on March 1, 2002. The bonds will mature March 1, 1995-2012, in amounts to be determined by the bidder. The bonds will finance the acquisition and fitting out of a new vessel and the purchase of additional land for expansion of the Hyannis ferry terminal, including the funding of $3.5 million bond anticipation notes.
 The authority provides passenger, vehicle, and freight boat service between the mainland and the islands of Martha's Vineyard and Nantucket. While there is some passenger competition from other water and air carriers, the authority is the sole provider of vehicle and freight service. The Steamship Authority continues its 30-year record of fully self-supporting operations, with net revenues amply sufficient for current debt service. However, the assigned rating reflects the ultimate security protection emanating from the commonwealth of Massachusetts. The commonwealth has a statutory general obligation requirement to provide funds to meet any needed authority debt service payment if moneys are not otherwise available. The financial responsibility of the commonwealth to the Steamship Authority is similar to that for other transit authorities, absent the need for net cost of service payments due to the authority's self-sustaining nature as required by resolution.
 -0- 10/16/92
 /CONTACT: Ruth Corson Maynard, 212-908-0596, or Claire G. Cohen, 212-908-0552, both of Fitch/ CO: Woods Hole, Martha's Vineyard; Nantucket Steamship Authority ST: Massachusetts IN: SU: RTG


CK -- NY036 -- 0938 10/16/92 12:16 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:296
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