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CONNECTICUT $71.0 MILLION GENERAL OBLIGATION BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 13 /PRNewswire/ -- Connecticut's $71.0 million Taxable General Obligation Bonds (1994 Series A), expected to be priced today through negotiation with a syndicate led by Prudential Securities Inc. and Pryor, McClendon, Counts & Co. Inc., are rated "AA+" by Fitch. The state's outstanding "AA+" general obligation bonds are affirmed, and the credit trend is stable. Dated Jan. 1, 1994, the bonds mature Jan. 15, 1995-2004 and are callable beginning Dec. 1, 2003, at 101 1/2%.
 Credit prospects continue to be based on Connecticut's wealth and economic resources. Financial stability has been restored, with surplus achieved in 1991-92 and 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 have slowed.
 Financial operations in 1992-93 exceeded budget expectations, resulting in an operating balance of $197 million. The entire amount has been appropriated for debt service over the next two years and in part will allow additional operating appropriations. The income tax yield has been better than estimated, while the sales tax is on track. The budget for the current biennium is in balance and economic assumptions underlying revenue estimates appear reasonable. A surplus of about $52 million is currently expected for June 30, 1994.
 -0- 1/13/94
 /CONTACT: Ruth Corson Maynard of Fitch, 212-908-0596/


CO: ST: Connecticut IN: SU: RTG

MP -- NY061 -- 1083 01/13/94 12:20 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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