To assist in the development of infrastructure in the nation's rural areas, the Rural Utilities Service in the Dept. of Agriculture made or guaranteed about $10.4 billion in loans during fiscal years 1992 through 1996. This report examines the (1) financial condition of the electricity, telecommunications, and water and waste disposal load portfolios, and (2) financial characteristics of borrowers having electricity and telecommunications loans. The financial characteristics of borrowers with water and waste disposal loans were not examined because most are public entities rather than private firms. Charts and tables.