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DOUGLAS, AZ REVENUE BONDS, SERIES 1996 RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

NEW YORK, March 8 /PRNewswire/ -- Douglas, AZ's Street and Highway Revenue Bonds, Series 1996 are rated 'BBB+' by Fitch. The bonds are scheduled to be sold competitively March 13, 1996. The bonds are dated March 1, 1996, are due July 1, 1996-2015, and are subject to optional redemption prior to their stated maturities. The credit trend is stable.

The rating reflects strong debt service coverage by pledged tax revenues ranging from 6.27-9.73 times (x), Douglas's location on the US- Mexico border making international commerce an important facet of the local economy. These factors are offset by high fluctuations associated with the revenues serving to secure the bonds. Currently, the city has no other street and highway revenue bonds outstanding nor does it plan on issuing any such debt. For the purpose of debt coverage calculations, the city conservatively used 1995 calendar year street and highway revenues as a basis for estimating revenues and projecting coverage throughout the life of the bonds.
 -0- 3/8/96


/CONTACT: Laurent Mastey, 212-908-0608, or Steve Eaddy, 212-908-0684, both of Fitch/

CO: ST: Arizona IN: SU: RTG

TM -- NYF067 -- 1806 03/08/96 20:15 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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