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PHILADELPHIA 1992-1993 SERIES B NOTES TO BE RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 16 ~PRNewswire~ -- Fitch expects to assign an 'F -1+' rating to the $100 million City of Philadelphia tax and revenue anticipation notes, series B of 1992-1993. The rating will be based on the 100 percent credit support provided by the irrevocable direct-pay letters of credit issued by Mellon Bank, Provident National Bank, Meridian Bank, CoreStates Bank, and Fidelity Bank (the Pennsylvania banks) and Canadian Imperial Bank of Commerce. Also, the letters of credit of the Pennsylvania banks will all be confirmed by CIBC. The letters of credit are set to expire on May 22, 1993.
 All notes will mature on May 17, 1993 and will not be redeemable prior to maturity. Principal and accrued interest will be paid on the maturity date with draws on the letters of credit. If any of the Pennsylvania banks fail to make payment under the draw, the trustee will draw on CIBC for the full amount of the unpaid letters of credit.
 The rating is contingent on receipt of final documents relating to this transaction as well as legal opinions acceptable to Fitch.
 -0- 11~16~92
 ~CONTACT: David R. Howard of Fitch, 212-908-0677~


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

AH -- NY061 -- 1254 11~16~92 11:56 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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