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DISTRICT OF COLUMBIA GENERAL OBLIGATION BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 22 /PRNewswire/ -- The District of Columbia's approximately $350 million general obligation refunding bonds Series 1993A are rated 'A-' by Fitch. The bonds are being offered through negotiation by a syndicate led by Lehman Brothers on or about April 27. The credit trend is stable.
 The District's underlying credit fundamentals remain essentially sound. However, the recession has put significant pressure on financial and economic performance, which has required gap closing measures in both the current and next year's budgets. Similar pressures existed in the last fiscal year, and management successfully maintained financial position.
 Achievement of balance has relied primarily on the District's own internal controls and its ability to manage spending levels. Progress has been made in both of these areas, but as the recession has lingered, so have the accompanying pressures, making financial stability increasingly difficult. This year's mid-year shortfall is being closed primarily through an accounting change. However, the District is utilizing concrete expenditure measures to balance next year's budget, including sizable position reductions. Economic performance is a particular concern as employment levels for District residents have dropped at a more accelerated pace than overall area employment. Debt is above average, but capital needs appear to be manageable. The refunding is the first of a series which could total $1 billion and will achieve economic savings.
 -0- 4/22/93
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/


CO: ST: District of Columbia IN: SU: RTG

SB -- NY113 -- 9634 04/22/93 15:21 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:247
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