Printer Friendly

FORSYTH CO. (NC) $8.0 MIL GO BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 12 /PRNewswire/ -- Forsyth Co. (NC)'s $8.0 million general obligation, law enforcement facilities bonds, series 1993 are rated "AA+" by Fitch. The bonds are selling competitively Aug. 17. The rating reflects the county's very high credit fundamentals, including strong finances and management, below-average to moderate debt levels, healthy income levels, and relatively low unemployment rates. The county's outstanding $130 million "AA+" general obligation bonds are affirmed. The credit trend is stable.
 Forsyth County is a major regional economic center located in northwest North Carolina. The county's population, currently estimated at 267,237, increased by 9.1 percent during the 1980s. The county includes the city of Winston-Salem, which has grown as a regional health care, banking, and trade center. Although some concentration remains in tobacco manufacturing, employment in other sectors is expanding. Several major firms recently announced placement of new facilities in the county that will generate substantial new employment. Further economic diversification is likely as continued growth prospects are good.
 Resident employment levels fell in 1990 and 1991 because of the recession. Resident employment recovered slightly in 1992 and is up 3 percent in May compared to a year ago. Unemployment rates remain below average, with May's rate at 4.4 percent. Income indicators are above average. The county's 1991 per capita income of $21,213 is 126 percent and 111 percent of the state and national averages, respectively.
 Overall debt as a percent of the large market property value is below average at 1.8 percent and about average on a per capita basis at $96. Although additional issuance is planned over the next seven years, debt levels should not rise appreciably. Debt amortization is slightly above average.
 Financial management, planning, and performance are strong. With another year of positive financial operations, the unreserved general fund balance increased an estimated $3 million in fiscal 1993. The large $29.7 million available general fund balance represents a healthy 15.5 percent of revenues. About 60 percent of the county's general revenues are derived from property taxes. The top 10 taxpayers represent 18.0 percent of the tax base, with RJR Nabisco, Inc. accounting for 11.9 percent. Current tax collections are excellent.
 -0- 8/12/93
 /CONTACT: Stewart Simon, 212-908-0508 or Richard Raphael, 212-908-0506, of Fitch/


CO: ST: North Carolina IN: SU: RTG

LG -- NY048 -- 2137 08/12/93 13:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1993
Words:397
Previous Article:CENTRAL ILLINOIS LIGHT CO. 'AA' FIRST MORTGAGE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:MOBIL REOPENS TWO SOUTH CENTRAL STATIONS AS PART OF $5.5 MILLION EFFORT IN L.A.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters