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GEORGIA $64.2 MIL. GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 5 /PRNewswire/ -- Georgia's $64.2 million General Obligation Bonds, 1993 A, offered for bids on January 7, are rated AAA' by Fitch. The AAA' rating assigned to $3.1 billion outstanding general obligation debt is affirmed and the credit trend is stable. The new bonds will mature on Jan. 1, 1994-2013 and are not callable. Proceeds will be applied $12.8 million for the university system, $32.5 million for ports, and $19 million for transportation.
 Georgia's superior credit standing results from excellent debt policies, consistent maintenance of conservative and sound financial operations, and its past growth and future potential for further development. The recession has had a severe impact on revenue growth in the state, necessitating expenditure cuts to maintain financial balance and exhausting reserves. The cuts have been taken promptly and deficits avoided. Signs of economic recovery are evident in Georgia. Tax collections for the first five months of the current fiscal year are nearly 8 percent above the level of the same period last year. The sales tax has been performing above expectations and while the income tax has lagged, recent results are encouraging.
 The state lost employment in 1991, but improvement is seen here also, with September registering a small increase over a year ago. The unemployment rate is now below the national rate. Personal income is showing better gains, with second quarter 1992 up 5.8 percent, compared with increases of 4.7 percent for the nation and 5.1 percent for the southeast region.
 -0- 1/5/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Georgia IN: SU: RTG

TM -- NY081 -- 1898 01/05/93 16:32 EST
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Publication:PR Newswire
Date:Jan 5, 1993
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