Printer Friendly

ALABAMA $22.1 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 ALABAMA $22.1 MILLION GENERAL OBLIGATION REFUNDING
 BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 10 /PRNewswire/ -- The state of Alabama's $22.1 million general obligation refunding bonds, to be offered for bids on Feb. 12, are rated 'AA' by Fitch. The issue includes $2.3 million 1992 Series A and $19.8 million Series B, both to refund outstanding waterway bonds. The new bonds will be due Dec. 1, 1992-2002 and become callable at 101 percent on Dec. 1, 2001.
 Alabama's debt control and strict requirement for financial balance provide sound bondholder security. The ability to retain balance under duress was tested in the early 1980s and, once again, the state is under financial pressure. The general fund has instituted a 5 percent proration of appropriations in response to a lower yield from investments in trust funds and other weakness in tax collections. The budget proposed for 1992-93 anticipates almost no revenue growth and stringent control over expenditures. The credit trend for Alabama's general obligations remains stable as a result of its financial policies.
 Most of Alabama's debt is in the form of limited obligations, with general obligations representing less than 40 percent of the total. Net tax supported debt of $1.4 billion is equal to $355 per capita and 2.4 percent of personal income.
 Alabama appears less hurt by this recession than many other states. Employment remains at about the 1990 level and the unemployment rate of 6.7 percent in October was slightly below the national rate, contrary to the trend of the 1980s.
 -0- 2/10/92
 /CONTACT: Claire Cohen of Fitch, 212-908-0552/ CO: ST: Alabama IN: SU: RTG


CK -- NY090 -- 8508 02/10/92 17:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1992
Words:287
Previous Article:RYLAND GROUP PLANS STOCK OFFERING
Next Article:SEITEL REPORTS INCREASED 1991 EARNINGS AND REVENUES


Related Articles
MISSOURI BOARD OF PUBLIC BUILDINGS SPECIAL OBLIGATION BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
COOK COUNTY, ILL. $30 MILLION REFUNDED BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
WASHINGTON'S $568.2 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC BUILDING AUTHORITY $200 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON $32.9 MILLION GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
ALABAMA $255.6 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON'S $51.4 MILLION G.O. BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
BIRMINGHAM, AL, GO REFUNDING BONDS 'AA/NR' BY FITCH -- FITCH FINANCIAL WIRE --
BIRMINGHAM, AL, GO REFUNDING BONDS 'AA/NR' BY FITCH -- FITCH FINANCIAL WIRE --

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