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ANNE ARUNDEL CO. (MD.) $16.4 MILLION GO BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 ANNE ARUNDEL CO. (MD.) $16.4 MILLION GO BONDS RATED 'AA+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 28 /PRNewswire/ -- Anne Arundel County, Md.'s general obligation bonds selling competitively on May 5 are rated 'AA+' by Fitch. The bonds include $7.6 million Consolidated General Improvement Series, 1992 Refunding Series maturing March 15, 1993-2000, and $8.8 million Consolidated Water and Sewer Series, 1992 refunding series maturing March 15, 1994-2013. The bonds are callable on or after March 15, 2002 at 102 percent and declining thereafter. The credit trend is stable.
 The county's future economic growth prospects are strong, benefiting from its close proximity to both Baltimore and Washington, D.C. The national recession has had an impact on revenues, causing budget revisions and some scaling back of near-term capital plans. Debt levels should remain below average, particularly given the rapid retirement rate of outstanding debt. Debt and financial management are strong. A previous large fund balance was drawn down in fiscal 1991. However, measures were taken in the 1992 budget to reverse the revenue/expenditure imbalance and preserve a small fund balance.
 Subsequent state aid cuts and general revenue softening resulted in the county promptly revising its current year budget in December by $18 million, which incorporated likely additional state aid cuts. Such measures should preserve a minimal fiscal year-end balance. The county is continuing to take measures to achieve a balanced budget next year, which will be presented to the county council on May 1.
 -0- 4/28/92
 /CONTACT: Richard J. Raphael of Fitch, 212-908-0506/ CO: ST: Maryland IN: SU: RTG


KD -- NY147 -- 4086 04/28/92 18:08 EDT
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Date:Apr 28, 1992
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