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CONNECTICUT $175 MILLION, GO BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 9 /PRNewswire/ -- Connecticut's $175 million General Obligation Bonds (1993 Series D) offered for bids on July 13 are rated 'AA+' by Fitch. The 'AA+' rating assigned to $5.5 billion outstanding general obligations is affirmed and the credit trend remains stable. The new bonds mature August 1, 1994-2012 and are callable beginning August 1, 2003 at 101 1/2 percent.
 Credit prospects continue to be based on Connecticut's wealth and economic resources. Financial stability has been restored. Surplus was achieved in 1991-92 and is anticipated again for 1992-93. While debt is high, the level is manageable. There is as yet no evidence of real economic recovery in the state but declines appear to have stabilized.
 Financial operations for the first 11 months of this year indicate that performance will exceed budget expectations, resulting in a balance of $94 million of which $84 million has been appropriated for 1993-95 debt service; the remainder is expected to be used for the same purpose once accounts are settled. The income tax yield was better than estimated while the sales tax was on track. The budget for the coming biennium is in balance and economic assumptions underlying revenue estimates appear reasonable.
 While no real signs of economic recovery are present, the rate of employment loss appears to have stabilized. The state expects that the job loss will continue and that personal income will grow slowly.
 -0- 7/9/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Connecticut IN: SU: RTG

TM -- NY071 -- 0039 07/09/93 16:09 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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