Printer Friendly

VERMONT COMMERCIAL PAPER RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 29 /PRNewswire/ -- Vermont's planned commercial paper issuance, $30 million Bond Anticipation Notes, Series A, and $120 million Revenue Anticipation Notes, Series B, is rated `F-1+'. The notes are expected June 30. Series A will mature not later than Dec. 1, 1993, and Series B, not later than June 30, 1994. Goldman, Sachs & Co. will be the dealer and BankAmerica National Trust Co. the issuing and paying agent; liquidity will be furnished pursuant to a credit agreement with The Toronto-Dominion Bank. The notes will be general obligations of the State of Vermont; its full faith and credit are pledged.
 Security for the revenue anticipation notes, which will finance the state's operating needs as well as its remaining deficit, rests both with Vermont's ability to keep expenditures within revenues in 1993-94 and with its unlimited ability to refinance debt. Vermont has been pursuing an aggressive deficit elimination program over the past two years and had planned to be back in balance by June 30, 1993. However, the recession has been longer and more severe than envisioned at the time of the plan's adoption and although the notes issued in 1991 to finance the deficit have been retired, $15 million of the original more than $60 million deficit will remain at the close of the fiscal year. Vermont has conscientiously adhered to its financial plan and it is expected that actions will be taken to keep the 1993-94 budget in balance and allow final erasure of its deficit.
 Security for the bond anticipation notes rests with Vermont's ability to access the long-term bond market. The state's general obligation bonds are rated `AA' by Fitch, and market acceptance has been consistently enjoyed.
 -0- 6/29/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Vermont IN: SU: RTG

TM -- NY095 -- 6938 06/29/93 18:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 29, 1993
Words:307
Previous Article:NAVISTAR SHAREOWNERS APPROVE HEALTH CARE SETTLEMENT AGREEMENT AND REVERSE STOCK SPLIT
Next Article:AMEX LEADS U.S. STOCK MARKET SURGE IN FIRST HALF OF 1993
Topics:


Related Articles
COMMERCIAL CREDIT $100 MILLION SENIOR NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
OXFORD FINANCE CO., INC. COMMERCIAL PAPER PROGRAM RATING WITHDRAWN BY FITCH -- FITCH FINANCIAL WIRE --
PETROFINA $850 MILLION COMMERCIAL PAPER RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --
MASSACHUSETTS $400 MILLION COMMERCIAL PAPER RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
IDAHO HOUSING AGENCY COMMERCIAL PAPER PROGRAM RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
MASSACHUSETTS $200 MILLION COMMERCIAL PAPER RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
IBM CORP. UNITS 'A' SENIOR DEBT AFFIRMED BY FITCH AFTER SALE ANNOUNCEMENT -- FITCH FINANCIAL WIRE --
VERMONT $150 MILLION COMMERCIAL PAPER RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Fitch IBCA Withdraws Reliance Acceptance Corp. Commercial Paper Rating - Fitch IBCA Financial Wire -

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters