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FLORIDA DEPARTMENT OF TRANSPORTATION REFUNDED BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 17 /PRNewswire/ -- Fitch assigns a 'AAA' rating to certain maturities of State of Florida Department of Transportation Turnpike Revenue Bonds, Series 1989A, 1991A and 1992A. The 'AAA' rating reflects the fact that the refunded bonds are secured by an irrevocable escrow composed of direct, noncallable obligations of the U.S. Government.
 On May 27, 1993, the Division of Bond Finance issued the $522,060,000 State of Florida, Department of Transportation Revenue Refunding Bonds, Series 1993A to advance refund the outstanding 1989A Series bonds maturing 2002 through 2019, the outstanding Series 1991A bonds maturing 2006 through 2018, and a portion of the outstanding Series 1992A term bond maturing 2022.
 Ernst & Young has verified the mathematical accuracy of the computations showing that the escrowed securities plus a small initial cash deposit will be sufficient to pay interest, principal and the redemption price of the refunded bonds to their respective call dates.
 Details of the turnpike revenue bonds to be advance refunded and the call provisions are listed below:
 -- State of Florida Department of Transportation Turnpike Revenue Bonds, Series 1989A, dated April 1, 1989; $181,055,000 bonds maturing on July 1, 2002-2019 will be called on July 1, 1999 at a redemption price of 102.
 -- State of Florida Department of Transportation Turnpike Revenue Bonds, Series 1991A, dated January 15, 1991; $193,490,000 bonds maturing on July 1, 2006-2018 will be called on July 1, 2001 at a redemption price of 102.
 -- State of Florida Department of Transportation Turnpike Revenue Bonds, Series 1992A, dated July 1, 1992; $68,200,000 of the outstanding $105,000,000 term bond maturing on July 1, 2022 will be called on July 1, 2002 at a redemption price of 101. New certificates bearing CUSIP No. 343136GA9 will be issued for the refunded portion of these bonds. New certificates bearing CUSIP No. 343136GB7 will be issued for all unrefunded bonds.
 -0- 9/17/93
 /CONTACT: Lisa M. Schieffelin of Fitch, 212-908-0689/


CO: Florida Department of Transportation ST: Florida, New York IN: TRN SU: RTG

LD -- NY039 -- 3244 09/17/93 17:12 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
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