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GEORGIA'S $599.5 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'AAA' BY FITCH

 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 9 /PRNewswire/ -- Georgia's $599,460,000 General


Obligation Refunding Bonds, 1993 E, expected by negotiation on July 13 through a syndicate led by The First Boston Corporation, are rated "AAA" by Fitch. The "AAA" rating assigned to $3.3 billion outstanding general obligations is affirmed and the credit trend is stable. The new bonds are due July 1, 1994-2008, and are callable but details are not yet determined. The bonds are entirely for refunding purposes.
 Georgia's superior credit standing results from excellent debt policies, consistent maintenance of conservative and sound financial operations, and its past growth and potential for further development. The recession had a severe impact on revenue growth in the state, necessitating expenditure cuts to maintain financial balance and exhausting reserves. Economic recovery is now evident and revenues have resumed growth. Tax collections for 1992-93 are 12 percent over 1991-92, 2 percent higher than the estimated annual rate of increase. Both the sales and income taxes are showing strength. A balanced budget has been adopted for 1993-94.
 The state lost employment in 1991 but the jobs have been regained and the unemployment rate remains below the national level. On a monthly basis, current employment gains are favorable. Personal income in 1992 advanced in excess of the national rate and fourth quarter data showed increasing strength.
 Georgia's debt ratios are moderate, with net tax supported debt of $3.4 billion, equal to $525 per capita and to 2.8 percent of personal income.
 -0- 7/9/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Georgia IN: SU: RTG

LD-MG -- NY078 -- 0109 07/09/93 18:04 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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