Printer Friendly

PHILADELPHIA $3.8 MILLION GENERAL OBLIGATION BONDS 'BB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 30 /PRNewswire/ -- Philadelphia's $3.83 million general obligation refunding bonds Series 1993B are rated `BB' by Fitch. The city's outstanding `BB' general obligation debt is affirmed. The Series 1993B bonds, dated July 15, 1993, were sold July 28 through a syndicate led by J.P. Morgan Securities in conjunction with the sale of $93.8 million general obligation refunding bonds Series 1993A. The Series 1993A bonds are rated `AAA' as they are insured by Financial Guaranty Insurance Co., whose claims-paying ability is rated `AAA' by Fitch.
 Philadelphia has demonstrated its ability to institute realistic actions to meet the five-year financial plans required by the Pennsylvania Intergovernmental Cooperation Authority. It also has shown its ability to make mid-year budgetary adjustments when variances are identified. The long-term success of the city's financial planning now depends on its ability to institutionalize both the management reforms won under its labor contracts as well as other operational changes, and on the performance of the local economy. Debt levels remain high. The credit trend is stable.
 -0- 7/30/93
 /CONTACT: Ruth M. Levine of Fitch, 212-908-0605/


CO: City of Philadelphia ST: Pennsylvania IN: SU: RTG

CK -- NY026 -- 7672 07/30/93 10:40 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1993
Words:202
Previous Article:GENTRA INC. ANNOUNCES SALE OF U.K. MORTGAGE PORTFOLIO
Next Article:K-III COMMUNICATIONS ANNOUNCES CONTINUED GROWTH IN THE SECOND QUARTER
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters