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

 MOODY'S CONFIRMS 'Aa' RATING FOR FLORIDA GENERAL OBLIGATION BONDS
 NEW YORK, March 23 /PRNewswire/ -- Moody's Investors Service has confirmed the 'Aa' rating assigned to the state of Florida general obligation bonds in connection with an offering of $200 million public education capital outlay bonds, Series 1991-C, for bids on Tuesday, March 24.
 Full faith and credit of the state, with its substantial economic resources and moderate debt, provide strong support for these bonds. Adequate coverage of debt services on public education bonds is expected from pledged revenues, consisting of gross receipt taxes on which this issue holds a subordinate lien.
 The current fiscal year has been marked by particularly large reductions in revenue forecasts; however, the state has acted in a timely manner to maintain budgetary control. The budget for fiscal 1993 presents difficult choices between reduced spending and increased taxes. Future credit evaluation will focus heavily on the state's ability to achieve budget balance that adequately funds governmental demands driven by rapid population growth, while promoting economic development.
 Florida ranked fourth in population growth from 1980 to 1990, behind three smaller southwestern states, and second only to California in absolute increase, growing by 33 percent or 3.2 million people.
 Net tax supported debt, including current offering: $5,227,035,000.
 -0- 3/23/92 R
 /CONTACT: George Leung, 212-553-0342, or Robert Kurtter, 212-553-4453, both of Moody's Public Finance Department/ CO: State of Florida ST: Florida IN: SU: RTG


AH-SH -- NY058R -- 1052 03/24/92 12:14 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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