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MISSOURI $35 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 MISSOURI $35 MILLION GO BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 2 /PRNewswire/ -- Missouri's $35 million State Water Pollution Control General Obligation Bonds, Series A, 1992 are rated 'AA' by Fitch. The bonds, to be offered for bids on July 9, will be serials, due Aug. 1, 1993-20017 and will be callable beginning Aug. 1, 2002 at par. The 'AAA' rating is affirmed on $805 million outstanding general obligation bonds. The credit trend is stable.
 The responsible policies of Missouri underlie its credit status. Superior bondholder security derives from its very conservative approach to debt, both in amounts owed and in provision for repayment, as well as from its long record of conservatively managed and balanced financial operations. The state has a broad- based economy with considerable diversity, but growth has been slow and some of its industry is vulnerable to changes in defense spending.
 The state has used borrowing sparingly, with most of its debt contracted over the past decade. About 70 percent of tax-supported debt is general obligation, for which debt service is constitutionally required to be deposited into a sinking fund a year in advance of payment. The remainder is mostly leases, including a commitment to provide for part of the cost of expansion of the St. Louis convention center. Net tax-supported debt totals $1.1 billion, or a low $231 per capita and 1.3 percent of personal income.
 Missouri, like other states, is experiencing a slowing of growth. Its actions to date, involving quite deep cuts, have allowed operations to remain in balance. Following two years of operating deficits, the state anticipates closing fiscal 1992 with a positive balance of $25 million, including an $18 million deposit to the budget stabilization fund.
 -0- 7/2/92
 /CONTACT: Claire G. Cohen, 212-908-0552 or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: ST: Missouri IN: SU: RTG


LR -- NY050 -- 6221 07/02/92 13:58 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
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