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DISTRICT OF COLUMBIA $256.8 MILLION GO BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 DISTRICT OF COLUMBIA $256.8 MILLION GO BONDS RATED 'A-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 21 /PRNewswire/ -- The District of Columbia's general obligation bonds are rated 'A-' by Fitch. The district will offer $256.8 million General Obligation Bonds Series 1992B for bids on May 27.
 The District of Columbia continues to exhibit good long-term credit fundamentals, but has not been immune from the recession and has experienced some short-term economic and financial pressure. The district's economic base had traditionally been thought to be less sensitive to recession than other parts of the nation, but the current slowdown eventually had an impact.
 Although the large accumulated deficit was funded last year, the 1992 budget was found to be out of balance in an amount equal to nearly two thirds of the size of the funded deficit. The original 1992 budget appeared to be based on reasonable assumptions at the time of adoption, but the severity of the economic situation created a much larger problem than had been projected. The new administration's early efforts to control costs and reduce the level of both spending and employees within certain areas prevented the imbalance from being even greater than it was. Expenditure controls have continued throughout the year, and at the time of the adoption of the 1993 budget, additional revenues were proposed that will be available to close the remainder of the gap and help provide balance in 1993.
 -0- 5/21/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: ST: District of Columbia IN: SU: RTG


KD -- NY059 -- 2816 05/21/92 12:11 EDT
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Publication:PR Newswire
Date:May 21, 1992
Words:267
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