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FULTON COUNTY, GA., $75 MILLION TANS RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 FULTON COUNTY, GA., $75 MILLION TANS RATED 'F-1+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 20 /PRNewswire/ -- Fulton County, Ga.'s $75 million general fund tax anticipation notes due Dec. 31, 1992, are rated 'F-1+' by Fitch. The notes are selling competitively on March 25. The top short-term rating reflects the county's strong cash flows, accurate cash flow estimating track record, and strong long-term credit fundamentals.
 The notes are issued to cover general fund requirements until property taxes are collected in the second half of the calendar fiscal year. Property taxes comprise over 75 percent of general fund revenues. This year's issue is less than last year's $88 million note issue, reflecting a larger beginning cash balance and more exact cash flow estimates. However, this year's note issue is still substantially higher than past note issues, reflecting much higher property tax levels to support operations.
 Historically, the county has met or exceeded its cash flow projections, in part because of the predictability and stability of property taxes and accurate overall estimating. The property tax base is frozen for a second consecutive year because the property revaluation is being appealed, although there is a mechanism in place that captures new construction. While this year's budget is tight, sufficient budgetary flexibility and cash margins and the very strong long-term credit factors warrant the highest short-term rating. The county's general obligations carry an 'AA' rating.
 -0- 3/20/92
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/ CO: ST: Georgia IN: SU: RTG


KD -- NY071 -- 0201 03/20/92 15:57 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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