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OREGON $12.5 MIL. GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 OREGON $12.5 MIL. GO BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 9 /PRNewswire/ -- Oregon's $12.5 million General Obligation State Highway Refunding Bonds expected during the week of October 12 through negotiatiw?ith a syndicate led by Lehman Brothers are rated 'AA' by Fitch. The 'AA' rating assigned to $5.1 billion outstanding general obligations is affirmed. The credit trend remains stable.
 The state's full faith and credit are pledged to the bonds but debt service will be met from the highway fund, which provides wide coverage of requirements both for the general obligation highway bonds and for highway user tax revenue bonds.
 Oregon has experienced good economic growth in recent years, which has also been reflected in healthy financial operations. A surplus is expected for this biennium. The state has a low debt burden as the bulk of its debt has been issued for self-supporting programs. Net tax- supported debt is equal to $676.2 million, or $237 per capita and 1.3 percent of personal income.
 While the recession has caused growth to slow, it has affected Oregon less than many other states. Employment is still increasing and personal income continues to make gains higher than those in the nation.
 Pursuant to a ballot measure adopted in 1990, the state must assume greater responsibility for school financing. The legislature met briefly in special session in July to consider proposals of the governor which included imposition of a sales tax and modification of the income tax. The session adjourned without action being taken. It is expected that the 1993-95 budget will incorporate cuts of the approximately $1 billion needed, unless other actions are taken in the meantime. School funding will remain an uncertainty until there is resolution.
 -0- 10/9/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Oregon IN: SU: RTG


17:33 -- NY080 -- 8566 10/09/92 17:49 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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