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CONNECTICUT DEVELOPMENT AUTHORITY $30.4 MILLION GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 15 /PRNewswire/ -- The Connecticut Development Authority's $30.4 million General Obligation Bonds, 1993 Series A, expected by negotiation through a syndicate of Advest, Inc., J.P. Morgan Securities Inc. and U.S. Securities, Inc., on November 18 are rated 'AA- ' by Fitch. The bonds will be due November 15, 1994-2013 and will be callable, although details are not yet determined. The bonds are general obligations of the authority, further secured by a special capital reserve fund equal to maximum annual debt service; if the fund is drawn down, the amount necessary to restore it to the level of debt service in the succeeding year is deemed to be appropriated from the general fund of the State of Connecticut.
 As general obligations of the authority, the bonds are payable from various revenue sources which are currently unpledged for other purposes. Projected revenues are ample to cover both this issue and a planned financing (not to exceed $10 million) for related purposes. While changing circumstances, such as loan defaults, diminished loan origination, new programs or subsequent revenue pledges for other purposes, could dilute coverage, protections in the form of tests for additional bond issuance and revenue diversion seem adequate. The rating relies both on the expected available revenues and on the credit of the State of Connecticut, which has a AA+ general obligation bond rating. The state credit aspect pertains to its commitment to restore draws from the reserve fund which action, in the opinion of counsel, does not require further legislative approval. The credit trend is stable.
 The authority is charged with economic development for the state. These bonds will be used to make a payment to the Hartford Whalers Hockey Club Limited Partnership in exchange for their covenant not to relocate and their execution of a lease for the Hartford Coliseum. A subsequent issue will provide for improvements to the Hartford Civic Center, which the authority leases from the City of Hartford. The authority has bonds outstanding under various other programs, one of which, the umbrella program, is also a general obligation of the authority. However, loan payments under the program are pledged to the umbrella bonds and other general revenues are not expected to be needed.
 -0- 11/15/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: Connecticut Development Authority ST: Connecticut IN: SU: RTG

WB -- NY112 -- 4541 11/15/93 14:34 EST
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Date:Nov 15, 1993
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