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FORT WORTH, TEXAS, $123 MILLION REFUNDING BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

FORT WORTH, TEXAS, $123 MILLION REFUNDING BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 20 /PRNewswire/ -- Fort Worth, Texas $123 million general purpose refunding bonds, Series 1992A are rated 'AA' by Fitch. The bonds will be sold through negotiation on Aug. 27 by a syndicate to be named Aug. 25. The credit trend is stable. The bonds will refund certain maturities of six bond series issued from 1985-1990, which will be called at various redemption dates.
 Fort Worth's economic transition continues, with significant manufacturing job losses nearly offset with growth in services and transportation. Losses are likely to outpace gains in the next few years as Carswell Air Force Base is closed. Long term, the city is well positioned for future development once the national economy recovers.
 The city has maintained strong financial operations despite its recent slow growth. Assessed value has declined with each of the last three revaluations, which the city has responded to with offsetting tax rate increases and expenditure constraint. As a result, ending fund balances have been strong and are expected to remains so.
 Fort Worth's overall debt burden is moderate to high at $1,529 per capita and 4.7 percent of property value. The city plans to keep future issuance to about the level of debt maturing annually. The maturity schedule is above average, with 81 percent of bonds outstanding retired in 10 years.
 -0- 8/20/92
 /CONTACT: Amy S. Doppelt of Fitch, 212-908-0514/ CO: City of Fort Worth ST: Texas IN: SU: RTG


LD -- NY075 -- 1903 08/20/92 16:57 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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