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LYNCHBURG (VA.) GOs RATED 'AA,' BANs 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 6 /PRNewswire/ -- Lynchburg, Virginia's $9 million general obligation public improvement bonds Series 1994 are rated `AA' by Fitch. The city's $3 million general obligation public improvement bond anticipation notes are rated `F-1+.' The bonds and notes will be offered competitively on Jan. 11. The `AA' rating on $50.6 million outstanding general obligation bonds is affirmed.
 Lynchburg, historically an industrial city, has successfully maintained its position as an employment and retail center for a large surrounding area. Although the city's population has stabilized, both the tax and employment bases continue to show modest increases; the recession's impact was comparatively slight. Financial operations are very well managed, with good planning and budgeting providing for strong annual performance. The city's debt levels are manageable, and should remain so as it implements the pending consent order concerning resolution of its combined sewer overflow problem. The agreement takes notice of the city's financial capabilities; all anticipated expenditures have been incorporated into the current five-year capital plan. The city's general-obligation backed enterprise debt is self- supporting and will continue to be so under the CSO plan. The credit trend is stable. The BAN rating reflects the solid underlying credit of the city, as well as an established record of market access.
 -0- `1/6/94
 /CONTACT: Ruth M. Levine of Fitch, 212-908-0605/


CO: ST: Virginia IN: SU: RTG

CK -- NY073 -- 9793 01/06/94 13:23 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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