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CONNECTICUT $250 MILLION GENERAL OBLIGATION BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 8 /PRNewswire/ -- Connecticut's $250 million General Obligation Bonds 1993 Series A, expected through negotiation with a syndicate led by Merrill Lynch & Co. this week, are rated AA+' by Fitch.
 The AA+' rating assigned to $5.4 billion outstanding general obligations is affirmed and the credit trend remains stable. The new bonds, entirely for refunding purposes, will be due Nov. 15, 1993-2010 and will be callable although details are not yet determined. Credit prospects continue to be based on Connecticut's wealth and economic resources. Financial stability has been restored and surplus, applied to deficit debt reduction, was achieved in 1991-92. 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 half of this fiscal year are on track with the budget and the sales tax is showing good growth. The income tax yield has been adjusted downward somewhat to reflect actual experience with this new revenue source. The governor has submitted the recommended budget, based for the first time in recent years, on a biennium, the two fiscal years ended June 30, 1995. The recommended budget is in balance, requests only a minor amount of new revenues, and includes deficit note repayments as scheduled. Some vulnerability exists in the potential for Medicaid penalties this year and next, and in litigation involving the uncompensated care pool which, if successful, could threaten certain federal funding.
 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 and these assumptions are included in the budgetary process.
 -0- 2/8/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Connecticut IN: SU: RTG

WB -- NY104 -- 4317 02/08/93 17:16 EST
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Date:Feb 8, 1993
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