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MOODY'S CONFIRMS 'Aa' RATING FOR CONNECTICUT GENERAL OBLIGATION BONDS

MOODY'S CONFIRMS 'Aa' RATING FOR CONNECTICUT GENERAL OBLIGATION BONDS
 NEW YORK, March 11 /PRNewswire/ -- Moody's Investors Service has confirmed the "Aa" rating assigned to the state of Connecticut general obligation bonds in connection with an offering of $465 million 1992 Series A bonds being sold this week.
 The tax package enacted in August and restraint in spending growth embodied in the 1992 budget provide the means to restore long-term fiscal balance, with the new revenue structure reducing vulnerability to economic cycles. These factors, together with the state's basic strengths of exceptional wealth and resources, provide high-grade security for its general obligations.
 Fiscal pressures continue in the form of ongoing expenditure demands, especially for servicing debt which poses a relative burden now among the highest of the states, and for rising human service costs. In addition, long-term economic growth is unlikely to return to the pace of the 1980s, given the outlook for the sectors that fueled Connecticut's growth in that decade.
 The governor's budget proposal for fiscal 1993 seeks balance with no significant revenue-raising measures. It recommends, instead, a combination of human service spending reductions, state workforce reductions, cuts in aid to municipalities, and a borrowing program intended to capture in fiscal 1993 savings from proposed employee benefit revisions which cannot take effect until later years. This borrowing program, while not large in the context of the state's overall debt obligations, is a sign of the state's difficulties as it seeks to restore recurring balance.
 State of Connecticut general obligation bonds, including current offering: $7,643,355,000.
 -0- 3/11/92
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: ST: Connecticut IN: SU: RTG


CK -- NY078 -- 7572 03/11/92 18:56 EST
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Publication:PR Newswire
Date:Mar 11, 1992
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