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VIRGINIA PUBLIC SCHOOL AUTHORITY $60.5 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 24 ~PRNewswire~ -- Virginia Public School Authority's $60.5 million school financing bonds (1987 Resolution), 1992 Series B bonds are rated 'AA' by Fitch. The authority plans to offer the bonds through public bids on Dec. 1. The bonds, dated Dec. 1, 1992, mature serially Jan. 1, 1994-2013, optionally callable beginning Jan. 1, 2003 at 102 percent. The rating also applies to $556.1 million bonds outstanding under the 1987 Resolution and to $97.1 million bonds outstanding under the 1963 Resolution. The credit trend is stable.
 The authority was created in 1962 to provide capital to make loans to local units for school purposes, thus providing enhanced market access while minimizing costs. The program functions in coordination with the resources of the Literary Fund, a constitutional perpetual fund of the Commonwealth of Virginia for educational purposes.
 Authority bonds are strongly secured from repayments of general obligation loans made to local units for schools, as well as the collateral availability of repayments of similar cash-funded loans made from the Literary Fund. In addition, state aid will be intercepted in the event of a default by a local unit, although the program has experienced no defaults in its 30-year history. The local loan repayments are synchronized with the authority's own bond requirements to meet debt service. Including the cash flow from the Literary Fund loan repayments, authority debt service is covered a generous 1.41 times. Additional bonds may be issued under the 1987 Resolution if all debt service is covered 1.11 times, but policy has dictated the higher actual level.
 All local loans, whether funded by the authority or by the Literary Fund, are general obligations. Participation in the program is broad and the operations of the authority~Literary Fund should be seen as an integral part of educational policy and financing in the commonwealth.
 -0- 11~24~92
 ~CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch~


CO: Virginia Public School Authority ST: Virginia IN: SU: RTG

AH -- NY059 -- 1158 11~24~92 14:46 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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