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OREGON $16.6 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 7 /PRNewswire/ -- Oregon's $16.6 million General Obligation Bonds, to be offered for bids on April 13, are rated 'AA' by Fitch. The 'AA' rating assigned to $4.9 billion outstanding general obligations is affirmed. The new bonds include $11.1 million Elderly and Disabled Housing Bonds 1993 Series A, due August 1, 1995-2024, initially callable August 1, 2003 at 102 percent, and Pollution Control Bonds, $3.0 million 1993 Series A and $2.5 million 1993 Series B, due May 1, 1994-2013, initially callable May 1, 2003, at par.
 Oregon's rating is based on the low level of tax-supported debt of the state and on its economic growth of recent years which has been reflected in good financial operations. The recession has slowed growth but Oregon has been less affected than most other states. While the credit trend is still considered to be stable, the state is now facing the financial challenge, mandated by Ballot Measure 5, of providing an additional $1.1 billion for education in the 1993-95 biennium. Relative to the scope of the general fund, about $5.5 billion in 1991-93, the step-up in state educational funding is very large. The governor has submitted alternate budget proposals, one including some tax increases, which essentially cut other expenditure areas to fit the higher level of school funding into projected resources. Other proposals are being made, including modification of the terms of Ballot Measure 5 which would require voter approval. Decisions regarding the state's future course will be a major factor in assessing credit prospects.
 Employment continues to grow in Oregon, although at lower rates, and personal income increases are more rapid than in the nation. In the most recent forecast, revenues were revised upward slightly and projected expenditures are below budget. The general fund is now expected to close at June 30, 1993, with a balance of $314.9 million, well above earlier estimates.
 -0- 4/7/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


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LD -- NY083 -- 3971 04/07/93 18:28 EDT
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Date:Apr 7, 1993
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