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SAN ANTONIO (TEXAS) GENERAL OBLIGATION DEBT RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 SAN ANTONIO (TEXAS) GENERAL OBLIGATION DEBT RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 24 /PRNewswire/ -- San Antonio, Texas's $320 million (approx.) General Improvement Refunding Bonds, Series 1992 and $19.1 million Combination Tax and Revenue Certificates of Obligation, Series 1992 are rated "AA" by Fitch. The bonds will be sold through negotiation by a syndicate led by PaineWebber next week. The credit trend is stable. This is the first time San Antonio has asked Fitch to rate its tax-supported debt.
 San Antonio developed into a major urban center during the 1980s with growth continuing through 1991 despite the national recession. Important economic components include a substantial military presence, a strong and expanding tourism base, and a sizeable number of medical and research concerns. The city is well positioned for future economic growth given the strength of its major elements and its close ties to Mexico. Nationwide military reductions could affect some of the area's installations, but the significance of several of these facilities is expected to keep the impact minor. In contrast to the growth, however, property values continue to decline, suffering from the statewide downturn in the late 1980s and the current nationwide recession.
 The city's financial operations are sound, marked by strong year-end fund balance levels, despite declining property values. Assessed value reductions have been offset by tax rate increases, positive sales tax performance, and strong management response, keeping operations relatively in balance. The current refunding provides debt service savings which will all be taken within the next seven years, providing some budget and tax rate relief. Assessed value is expected to level off for fiscal 1994, also easing fiscal pressures.
 San Antonio's debt burden is moderate to high, though manageable and comparable to other metropolitan cities in Texas. Future debt issuance will be moderate and will not exceed the amount retired in the next few years.
 -0- 7/24/92
 /CONTACT: Amy S. Doppelt of Fitch, 212-908-0514/ CO: ST: Texas IN: SU: RTG


SH -- NY029 -- 2997 07/24/92 11:31 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
Words:338
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