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CHESTERFIELD COUNTY (VA) GOs RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 18 ~PRNewswire~ -- Chesterfield County (VA)'s $49.7 million general obligation public improvement bonds, Series of 1992, selling competitively on Nov. 24 are rated "AAA" by Fitch. Approximately $232 million in outstanding general obligation bonds are also rated "AAA". The new bonds mature serially July 15, 1993-2012, and are callable on or after July 15, 2002, at 101.5 percent, and declining thereafter. This is the first time that Fitch has rated the general obligation debt of the county. The credit trend is stable.
 Excellent management and finances, and continued though 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. There are a number of large employers in the county and commercial development has been substantial in recent years. Median household income is well above average. The recession's impact has been relatively mild and recent economic indicators indicate improvement.
 Debt levels will remain moderate as capital plans are scaled to match growth and to 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.
 -0- 11~18~92
 ~CONTACT: Richard Raphael of Fitch, 212-908-0506~


CO: ST: Virginia IN: SU: RTG

GK -- NY097 -- 2532 11~18~92 16:32 EST
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Publication:PR Newswire
Date:Nov 18, 1992
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