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MARYLAND $7.9 MIL REFUNDING COPS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 21 /PRNewswire/ -- Maryland's $7.9 million Refunding Certificates of Participation (Motor Vehicle Administration Facilities), Series 1993, selling competitively June 23 are rated `AA-' by Fitch. The certificates mature serially June 1, 1994-2009 and are callable on or after June 1, 2001 at 102 percent and declining thereafter. The credit trend is stable.
 Certificates are payable from installment purchase payments for facilities made by the State of Maryland for the use of the Maryland Department of Transportation. Although funding sources are not limited to any source of state revenues, installment payments are intended to derive from the department's self-funded operating budget subject to appropriation by the Maryland General Assembly.
 Maryland's general obligations are rated `AAA' and the department's consolidated transportation bonds `AA'. The facilities subject to the purchase agreement appear essential to the operations of the department. In the event of default or non-appropriation under the purchase agreement, the trustee may take possession and re-let or sell the facilities for the benefit of the certificateholders. The facilities' projects and this financing have had broad departmental and state approval.
 -0- 6/21/93
 /CONTACT: Ruth M. Levine, 212-908-0605, or Richard Raphael, 212-908-0506, both of Fitch/


CO: ST: Maryland IN: SU: RTG

TM -- NY082 -- 4191 06/21/93 16:55 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
Words:211
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