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CHESTERFIELD COUNTY (VA) $57.97 MIL. GOS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, May 7 /PRNewswire/ -- Chesterfield County's, (VA) $57.97 million General Obligation Public Improvement Refunding Bonds, Series of 1993 selling competitively on or about May 12 are rated `AAA' by Fitch. Approximately $266 million in outstanding general obligation bonds also are rated `AAA.' The new bonds mature serially March 1, 1994-2011 and are callable on or after March 1, 2003 at 101.5 percent, and declining thereafter.
 Excellent management and finances, and continued although slower growth through the recession, provide the highest quality credit strength to Chesterfield County's debt. Growth continues in this suburban county in the Richmond metropolitan area and the county contains a significant employment base of its own. Median household income is well above average.
 Debt levels will remain moderate as capital plans are scaled to match growth and not exceed debt affordability policy limits. Additionally, principal amortization of outstanding debt is very rapid. Financial management is strong and adherence to financial policies and effective budget controls has resulted in consistently large general fund balances. Revenue collections this fiscal year are exceeding the budgeted level, and officials are projecting an operating surplus.
 -0- 5/7/93
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/


CO: ST: Virginia IN: SU: RTG

TM -- NY072 -- 6159 05/07/93 17:35 EDT
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Publication:PR Newswire
Date:May 7, 1993
Words:211
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