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COMMONWEALTH OF PENNSYLVANIA SELLS TAX ANTICIPATION NOTES

 COMMONWEALTH OF PENNSYLVANIA SELLS TAX ANTICIPATION NOTES
 HARRISBURG, Pa., Sept. 22 /PRNewswire/ -- The Commonwealth of Pennsylvania today sold $600 million in tax anticipation notes (TANS) at a 3.15 percent average interest rate, the lowest in 20 years, Gov. Robert P. Casey announced today.
 The notes were sold to four of the 15 bidders who turned out for the sale.
 "Once again the Commonwealth is viewed as a good investment on Wall Street," Casey said. "The Commonwealth has not received a lower interest rate since 1972."
 Last year's TANS were sold at an average interest rate of 4.83 percent.
 The governor noted that prior to the sale, the issue received the highest ratings for short-term borrowing from Standard and Poor's Corp., Moody's Investor Service and Fitch Investor Service.
 When announcing its rating, Fitch Investors Service said, "Pennsylvania's record of cash management under unexpected difficult conditions is an important part of the superior rating."
 The proceeds of the short-term loans will be used to make regular state payments until the last quarter of the fiscal year when over one- third of the state's revenues are collected. At that time, the notes will be paid off in full.
 /delval/
 -0- 9/22/92
 /CONTACT: Sue Grimm, deputy press secretary of the Commonwealth News Bureau, 717-783-1116/ CO: Pennsylvania Governor's Office ST: Pennsylvania IN: SU:


CC -- PH048 -- 2372 09/22/92 16:56 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
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