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FLORIDA $250 MILLION GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 3 /PRNewswire/ -- Florida's $250 million Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds, 1992 Series C, are rated 'AA' by Fitch. The 'AA' rating assigned to $5.3 billion outstanding full faith and credit bonds is affirmed. The credit trend remains stable. The new bonds, being offered for bids on February 9, will be due June 1, 1994-2023, with maturities in 2009-23 subject to designation as term bonds with mandatory redemption, at bidder's option. They will be callable beginning June 1, 2003, at 101 percent.
 Nearly all of Florida's full faith and credit bonds are secured by specific revenues. The public education capital outlay bonds are secured by a lien on the gross receipts tax; collections of the tax provide about 1.33 times coverage for debt service on the $3.8 billion bonds issued for the purpose.
 Florida's credit assessment takes into account the specific tax dedications for each type of debt as well as the full faith and credit of the state. The state's profile may be characterized by rapid growth, economic broadening and diversification. Services and trade have developed extensively, supplementing and modifying the traditional agriculture-tourism base. While this has smoothed recessionary effects, growth has dropped sharply in the past few years, led by the construction industry, and this year complicated by Hurricane Andrew.
 Financial operations have been under some pressure from the adverse economy, but expenditure reductions as well as some revenue measures have allowed the state to retain balance and fiscal 1992 closed with a balance about $184 million, higher than earlier anticipated. Revenues this year are somewhat above estimates and a similar level of balance is expected at the June 30 close of the fiscal year.
 Employment and personal income are still weak, but continue to reflect the extent of the hurricane damage. The state expects windfall sales tax receipts from the rebuilding efforts and will dedicate the receipts to hurricane recovery.
 -0- 2/3/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Florida IN: SU: RTG

LD -- NY092 -- 2641 02/03/93 17:47 EST
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Date:Feb 3, 1993
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