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SAN ANTONIO (TX) REFUNDING ISSUE RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE--

 SAN ANTONIO (TX) REFUNDING ISSUE RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE--
 NEW YORK, Oct. 13 /PRNewswire/ -- San Antonio (TX)'s $44.2 million (approx.) Taxable Combination Tax and Stadium Agreement Revenue Refunding Obligations, Series 1992 are rated 'AA' by Fitch. The certificates will be sold through negotiation by a syndicate led by Rauscher Pierce Refsnes, Inc. next week. The credit trend is stable.
 This issue will refund the city's Combination Tax and Stadium Agreement Certificates of Obligation, Series 1989 and 1990. The Series 1989 certificates will be refunded on a current basis and will be called on Dec. 1, 1992 at par. The 1990 debt will be advance refunded and called at par on May 1, 1993. Interest on the refunding bonds is subject to federal income taxation, although the refunded bonds were issued as tax-exempt 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 sizable 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 1980's 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. Estimates for fiscal 1992 indicate a small general fund balance drawdown, though the reduction is less than was budgeted and the ending level remains sound. Assessed value is expected to level off for fiscal 1994, 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- 10/13/92
 /CONTACT: Amy S. Doppelt of Fitch, 212-908-0514/ CO: ST: Texas IN: SU: RTG


TM -- NY092 -- 9576 10/13/92 17:36 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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