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UTAH HOUSING AGENCY $60 MILLION TAXABLE REFUNDING BONDS 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 21 /PRNewswire/ -- Utah Housing Finance Agency's $60 million Single Family Mortgage Refunding Bonds of 1993 (Federally Taxable) are rated "F-1+" by Fitch. The bonds, underwritten by Goldman, Sachs & Co., are expected to be sold through negotiation this week.
 The bonds are subject to mandatory tender or redemption on April 1, 1994 or any prior business day on or after Jan. 1, 1994 designated by the agency (the "mandatory tender date"). The bonds are also subject to optional redemption, in whole or part, by the agency beginning Jan. 1, 1994.
 The rating reflects the likelihood that escrowed funds will be sufficient to pay debt service on the mandatory redemption date. Additionally, the agency's demonstrated ability to access the credit markets, its favorable management track record, and the bond indenture's structural flexibility that allows the bonds to be remarketed or refunded within a three-month period are supporting credit factors.
 Bond proceeds will be exchanged for equal amounts of funds on deposit in the accounts of certain single-family mortgage revenue bonds scheduled to be redeemed by the agency on July 1, 1993. The exchanged funds will be deposited in an escrow fund to pay the 1993 bond's principal and interest on the mandatory redemption date if the bonds are not previously remarketed or refunded.
 The escrow fund is expected to be initially invested in an adjustable rate mortgage mutual fund. These types of funds generally have as an investment objective the maintenance of net asset value within a narrow range. The fund's yield is expected to exceed the bond yield.
 -0- 6/21/93
 /CONTACT: Vincent J. Barberio of Fitch, 212-908-0505/


CO: Utah Housing Finance Agency ST: Utah IN: SU: RTG

TS -- NY086 -- 4218 06/21/93 17:16 EDT
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Date:Jun 21, 1993
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