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ANNE ARUNDEL COUNTY (MD) $65 MILLION G.O. BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 ANNE ARUNDEL COUNTY (MD) $65 MILLION G.O. BONDS RATED 'AA+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 16 /PRNewswire/ -- Anne Arundel County, Md.'s $65 million general obligation bonds selling competitively on Jan. 22 are rated 'AA+' by Fitch. Approximately $506 million in outstanding 'AA+' general obligation bonds are affirmed. The credit trend is stable.
 The county's economic growth prospects are strong, benefiting from its close proximity to both Baltimore and Washington, D.C. The national recession has had an impact on revenues, causing some scaling back of near-term capital plans. Debt levels should remain below average, particularly given the rapid retirement rate of outstanding debt. Debt and financial management are strong. A previous large fund balance was drawn down in fiscal 1991. However, measures were taken in the 1992 budget to reverse the revenue/expenditure imbalance and preserve a small fund balance. While another round of state aid cuts threatens, the county has responded rapidly to past state cuts during this fiscal year and has identified plans to address additional reductions should they occur.
 -0- 1/16/92
 /CONTACT: Richard J. Raphael of Fitch, 212-908-0506/ CO: Anne Arundel County ST: Maryland IN: SU: RTG


JT -- NY091 -- 0708 01/16/92 16:36 EST
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Publication:PR Newswire
Date:Jan 16, 1992
Words:206
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