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CRANSTON (R.I.) $18.49 MIL GENERAL OBLIGATION BANS 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 1 /PRNewswire/ -- Cranston, R.I.'s $18.49 million General Obligation Bond Anticipation Notes are rated `F-1' by Fitch. The notes will be sold July 6 through negotiation by Fleet Securities. Dated July 15, 1993, the notes mature July 15, 1994.
 The strong degree of assurance for timely repayment of the notes rests with the city's credit fundamentals and demonstrated market access. Cranston, the third most populous municipality in Rhode Island, has satisfactory financial operations and moderate per capita debt. Although it is primarily a residential community, Cranston's tax base is diverse, with 26 percent of valuation classified as commercial or industrial. Amortization of debt is rapid and additional capital needs are easily manageable. Financial operations have long been acceptable. While general fund unreserved surplus was used in fiscal 1991 to mitigate external revenue reductions, fiscal 1992 operations were balanced. Break-even operations are projected for fiscal 1993. The effect of a recent labor arbitration award on the fiscal 1994 budget is not yet determined.
 -0- 7/1/93
 /CONTACT: Ruth M. Levine of Fitch, 212-908-0605/


CO: City of Cranston ST: Rhode Island IN: SU: RTG

MP -- NY079 -- 5694 07/01/93 14:37 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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