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STATE OF UTAH $5.5 MILLION GO LOAN RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 STATE OF UTAH $5.5 MILLION GO LOAN RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 6 /PRNewswire/ -- The State of Utah's $5.5 million loan from the Utah Municipal Finance Cooperative (MFA) is rated 'AAA' by Fitch and the 'AAA' rating assigned to $14.5 million outstanding parity debt is affirmed. The specific issue, Local Government Revenue Bonds, Series July 29, 1992, State of Utah, represents a partial remarketing of a 1989 pooled capital improvement financing program. Remarketing, through Kemper Securities Group, Inc., Boettcher & Co. Division, is expected during the week of July 13. The new issue is due July 1994 and is not callable. The credit trend is stable.
 The bonds being remarketed are special, limited obligations of MFA, payable solely from revenues derived from payments by the State of Utah. Utah's obligation to make payment to MFA is a general obligation of the state. Under a financing agreement with MFA, the state pledged its faith and credit to payments due. Proceeds of the loan will provide for various water projects.
 The high quality of Utah's general obligation credit standing directly reflects the small amount, short tenure, and modest burden of its debt. Finances are managed conservatively and maintained, with a long history of timely adjustments and/or tax increases to ensure surplus. Economic gains and employment diversification have occurred in recent years and substantially offset vulnerability in the still dominant defense and aerospace industries.
 Net tax-supported debt is low, at $430.5 million, the equivalent of $250 per capita and 1.7 percent of personal income. Financial position is good, with $60 million held in the budget reserve and a $10 million surplus expected in the general fund at June 30, 1992, a combined cushion of about 6 percent of revenues.
 -0- 7/6/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Utah IN: SU: RTG


KD -- NY069 -- 6786 07/06/92 17:34 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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