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CRANSTON (R.I.) 'A' GENERAL OBLIGATION BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 10 /PRNewswire/ -- Cranston, R.I.'s `A' general obligation bonds are affirmed by Fitch in conjunction with its sale of $27.8 million General Obligation Refunding Bonds. The bonds were priced through Fleet Securities and closing will occur June 14.
 Cranston, the third most populous municipality in Rhode Island, has satisfactory financial operations and moderate per capita debt. While primarily a residential community, the 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 credit trend is stable.
 -0- 6/10/93
 /CONTACT: Ruth M. Levine, 212-908-0605 or Ruth Corson Maynard, 212-908-0596, both of Fitch/


CO: ST: Rhode Island IN: SU: RTG

WB -- NY080 -- 0819 06/10/93 16:59 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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