Printer Friendly

GEORGIA $291.9 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 GEORGIA $291.9 MILLION GO BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 2 /PRNewswire/ -- Georgia's $291.9 million General Obligation Bonds, to be offered for bids on July 7, are rated AAA by Fitch. The 'AAA' rating accorded $2.8 billion outstanding general obligations is affirmed and the credit trend remains stable. The new bonds are in two series: $13.2 million 1992C, for equipment and due in 5 years through 1997, and $278.7 million 1992 D for various purposes due in 1993-2012. Maturities will occur on Aug. 1 and the bonds are not callable. Georgia pledges its full faith, credit and taxing power to its general obligations.
 Georgia's superior credit standing results from excellent debt policies, consistent maintenance of conservative and sound financial operations, and its past growth and future potential for further development.
 Like other states, Georgia has been adversely affected by the recession, and revenue shortfalls have necessitated revisions in expected revenues. For the 1991-92 fiscal year, which ended on June 30, the latest revenue revision expected growth of about 1.8 percent. Through May, a rate of 1.2 percent had been registered, indicating that the projection may be achieved. Results on a monthly basis have been positive in recent months and sales tax collections, a good indicator, have been relatively strong. The 1992-93 budget is premised on base revenue growth of about 7 percent and the May increase of 6.8 percent is in line with this expectation.
 Employment is stable, with the 1991 average at about the level of 1990; monthly figures in 1992 through March matched those of the previous year. Weakness continues to be evident in trade, finance, issuance and real estate, and, particularly, in construction, but recent declines are at a lesser rate.
 Debt continues to be only a moderate burden. Net tax-supported debt amounts to $3.3 billion, or $506 per capita, 1.0 percent of estimated full value and 2.9 percent of personal income.
 -0- 7/2/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Georgia IN: SU: RTG


KD -- NY064 -- 6338 07/02/92 16:48 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 2, 1992
Words:357
Previous Article:CORIMON ELECTS PHILIPPE ERARD CHAIRMAN OF THE BOARD APPROVES DIVIDEND, INCREASES AUTHORIZED CAPITAL
Next Article:MASTERCARD TUNES IN CHICAGO'S YOUTH MARKET WITH 'MASTERCRUISER' RADIO PARTNER B96


Related Articles
HEMET HOUSING AUTHORITY CALIFORNIA HOUSING 'AAA/F-1+' BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
HOWARD CO. (MD.) GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PHOENIX IDA COLLATERALIZED LOC HOUSING BONDS LOWERED TO 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
GEORGIA $566.9 MILLION GO'S RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
GEORGIA GO REFUNDED BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
UTAH $85 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
BURKE CO. (GA) DEVELOPMENT AUTHORITY BONDS RATED 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
MISSOURI $319 MILLION G.O. REFUNDING BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RYLAND MORTGAGE SECURITIES CORPORATION III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-C RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RIVERSIDE COUNTY HOUSING AUTHORITY COLLATERALIZED LETTER OF CREDIT BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters