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WORCESTER COUNTY (MD) $3.4 MILLION G.O.'S RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 WORCESTER COUNTY (MD) $3.4 MILLION G.O.'S RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 5 /PRNewswire/ -- Worcester County, Md.'s $3.4 million consolidated public improvement bonds, 1992 Series, are rated "A+" by Fitch. The bonds are selling competitively Aug. 11.
 The rating continues to reflect the county's below average debt burden on an ample tax base and solid financial management. The credit trend is stable.
 Faced with a potential budget gap resulting from the recession's effects, the county had the financial flexibility to adopt a balanced 1993 budget without serious dislocation and preservation of sound budget reserves. While its economy is focused primarily on summer tourism, the county's proximity to the large and stable markets of Baltimore and Washington, D.C., as well as its long-term historical growth, are somewhat offsetting factors. Continued growth prospects are favorable.
 Although overall debt per capita of $2,935 is higher than previously reported due to additional underlying debt identified, overall debt as a percentage of the large market value of property, remains slightly below average at 1.9 percent. The county's traditional pay-as-you-go capital funding program was scaled back significantly given budgetary pressures. The county is undertaking this planned financing now to take advantage of low interest rates, and has no plans to issue additional debt at this time.
 -0- 8/5/92
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/ CO: ST: Maryland IN: SU: RTG


GK -- NY064 -- 7175 08/05/92 14:39 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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