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CONNECTICUT $225 MILLION TRANSPORTATION REFUNDING BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 19 /PRNewswire/ -- Connecticut's $225 million Special Tax Obligation Refunding Bonds, Transportation Infrastructure Purposes, 1993 Series A, are rated AA-' by Fitch. The bonds are expected to be sold Feb. 23 through a syndicate led by Reinoso & Company, Inc. Bonds will be dated March 1, 1993, due serially Sept. 1, 1994-2010 with the term maturity and call provisions yet to be determined.
 The transportation infrastructure bonds are not general obligations of the state but are payable from pledged revenues derived from highway- related taxes and fees. Pledged revenues provide amply for debt service on the special tax bonds, which have been issued for a well planned and monitored long-term transportation program.
 The trend of underlying growth in pledged revenues in the past three years has reflected the recessionary conditions in the state and, absent rate increases, has been negative or flat. The motor fuels tax was increased by four cents, in staggered implementation, during 1991-93 and annual increases of two cents will occur in each of the next three years. In conjunction with the 1993-1994 budget recommendation to shift the costs of highway patrols from the general to the special transportation fund, the governor has proposed further gas tax increases totalling five cents per gallon through 1998-1999.
 Pledged revenues in 1992-93 covered transportation infrastructure debt requirements by 2.9 times. When debt service on general obligation transportation bonds is included, coverage drops to 2.2 times, and will remain at about that level annually through 1997. The credit trend, accordingly, remains stable.
 -0- 2/19/93
 /CONTACT: Claire G. Cohen, 212-908-0552 or Ruth Corson Maynard, 212-908-0596, both of Fitch/


CO: ST: Connecticut IN: SU: RTG

WB -- NY069 -- 8557 02/19/93 17:02 EST
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Date:Feb 19, 1993
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