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PENNSYLVANIA $420.3 MILLION GO BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 12 /PRNewswire/ -- Pennsylvania's $420.3 million general obligation bonds, First Series of 1993, are rated 'AA-' by Fitch. The 'AA-' rating assigned to $5.0 billion outstanding general obligations is affirmed and the credit trend remains stable. The new bonds will be offered for bids on April 14. They will be due April 15, 1994-2013, and will be callable beginning April 15, 2003 at 101.5 percent. Proceeds will be used $157 million for capital facilities, Pennvest loans, land and water development and volunteer companies loans and $263.3 million for refunding.
 Pennsylvania's credit position is buttressed by maintenance of debt at a level that does not overburden the state's fully adequate resources. Net tax-supported debt of $6.2 billion is equal to $524 per capita and to 2.7 percent of personal income.
 The commonwealth's general fund closed the 1991-92 fiscal year in balance, with expenditure cuts offsetting shortfalls in revenue estimates. This year's budget is basically one of no growth, reflecting not only economic conditions but also a 10 percent reduction in the income tax rate. Balance is narrow, but reserves have been set aside prudently for potential tax refunds. Revenues for the first eight months are somewhat ahead of estimates. The 1993-94 recommended budget, now under legislative consideration, is in balance.
 The recession continues to be evident; since the peak in 1990, employment is down about 3 percent. This is considerable, but a much smaller magnitude than many north-eastern states. Employment in January 1993 was slightly above the level of a year ago and personal income growth in the third quarter of 1992 outpaced both the region and the nation.
 -0- 04/12/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Pennsylvania IN: SU: RTG

AH -- NY073 -- 4886 04/12/93 16:13 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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