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FITCH RATES SUFFOLK CO., N.Y. $46 MILLION GENERAL OBLIGATION BONDS 'A' -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 14 /PRNewswire/ -- Suffolk County, N.Y.'s $33.2 million public improvement (serial) bonds, 1993 series A and $13.3 million 1993 series B are rated "A" by Fitch. The bonds are selling competitively Oct. 19. The credit trend is stable.
 Suffolk County has weathered both economic and political problems in the last few years. Financial operations were hard hit by the economic slowdown and mandated spending requirements as well as political disagreements on corrective measures to restore balance. However, political difficulties have eased and the county's finances and economy have improved. The large accumulated deficit was manageable and the county expects to achieve a small general fund balance surplus at year's end.
 The austere 1993 budget was balanced on conservative assumptions and virtually no one-time measures. The $38 million deficit notes will be repaid at the end of the month. The county executive's proposed 1994 budget contains no tax increase and builds upon improvements made over the last two years to control costs and maintain structural balance.
 Infrastructure generally is in place to meet the needs of the county's businesses and residents. Capital needs are modest. The magnitude of the capital plan appears manageable, given the county's moderate debt indicators and above-average payout rate. Overall debt per capita is $1,921, and debt as a percent of the huge market value is 2.5 percent.
 The economy began to improve over the last year as there was a small 0.4 percent increase in county-based nonfarm employment over the fourth quarters 1991-1992. The county's unemployment rate has improved since last year as well and equaled the national 6.9 percent unadjusted rate in July. The county is strengthening its economic development efforts to attract and retain business.
 -0- 10/14/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: New York IN: SU: RTG

WB -- NY060 -- 2297 10/14/93 13:33 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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