NY -- Standard&Poor's CreditWire 7/10/98 – Standard&Poor's today assigned its double-'A' rating to El Paso, Texas' water and sewer revenue refunding bonds series 1998A dated July 1, 1998 due March 1, 2011. The bonds are scheduled to sell July 14, 1998. In addition, Standard&Poor's affirmed its double-'A' rating on the city's outstanding G.O. bonds. The outlook is stable. The rating reflects: -- A stable area economy, -- Healthy customer base growth, -- Strong debt service coverage, and -- Low rates providing future rate flexibility. A higher rating is precluded by a large, $300 million capital improvement program that is expected to be funded from approximately 50% debt issuance and 50% from cash on hand
