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MIDDLESEX COUNTY, N.J. $29.5 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

MIDDLESEX COUNTY, N.J. $29.5 MILLION GO BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 11 /PRNewswire/ -- Middlesex County, N.J.'s general obligation bonds are rated 'AAA' by Fitch. The county will offer $29.5 million general obligation refunding bonds Series 1992 A through negotiation the week of March 16 with The First Boston Corp.
 Middlesex County possesses a strong, diverse economic base that enables it to be one of the most creditworthy counties in the state. Its employment base is a function of both its location midway between New York and Philadelphia and its excellent transportation network; the county has evolved into one of the state's major employment centers and headquarters locations. The recession has slowed development within the county, but it has not stopped, with residential construction progressing at a better pace than commercial/industrial development.
 The county's infrastructure is generally in place and the capital program reflects only upgrading of facilities; no large projects are outstanding. Debt levels are low. Debt service costs as a percent of the budget are above average, but this figure is mitigated by the very rapid payout and the generally narrow responsibilities of New Jersey counties.
 The county's financial performance is strong, with good fund balances accrued annually. Attempts are being made to construct the current budget with no property tax rate increase and a balance achieved through expenditure reductions and revenue enhancements. The credit trend is stable.
 -0- 3/11/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Middlesex County, New Jersey ST: New Jersey IN: SU: RTG


AH -- NY064 -- 7419 03/11/92 15:54 EST
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Publication:PR Newswire
Date:Mar 11, 1992
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