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CONNECTICUT $425 MILLION GO BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 10 /PRNewswire/ -- Connecticut's $425 million general obligation bonds 1993 Series B expected through negotiation with a syndicate led by Merrill Lynch & Co. the week of March 15 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, of which $250 million will be for refunding purposes, will be due March 15, 1993-2012 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 seven months of this fiscal year are on track with the budget and the sales tax is showing good growth. The recommended budget for the biennium ending June 30, 1995 is in balance, requests only a minor amount of revenues, and includes deficit note repayments as scheduled as well as provision for potential Medicaid penalties. The budget is under legislative consideration.
 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; these assumptions are included in the budgetary process.
 -0- 03/10/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Connecticut IN: SU: RTG

AH -- NY073 -- 4851 03/10/93 17:10 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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