NEW RATING CREDIT PROFILE $46.75 mil wastewtr sys rev bnds rfdg ser 1997A dtd Sept 1, 1997 due Feb 1, 2013 A Sale date: Sept 9, 1997 Investment banker: Public Resources Advisory Group AFFIRMED $172.1 mil wastewtr sys bnds ser 1987-1993 and 1996-1997 A OUTLOOK: POSITIVE The rating on Los Angeles Wastewater System, Calif.'s bonds reflects: The depth and diversity of the system's service area economic base; Healthy financial performance, as evidenced by coverage of new maximum annual debt service of 1.72 times (x) in 1996; The city's substantial progress and prudent management of its large capital program; and Competitive average monthly residential rates. Also reflected is the city's recent enactment of a franchise fee against the system-equivalent to 5%
