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GEORGIA $92.6 MIL. G.O. BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 23 /PRNewswire/ -- Georgia's $92.55 million general obligation bonds, series 1993D, for bids Aug. 25 are rated 'AAA' by Fitch. The 'AAA' rating assigned to $3.3 billion outstanding general obligations is affirmed and the credit trend is stable. The new bonds are due Aug. 1, 1994-2013, and are not callable.
 Georgia's superior credit standing results from excellent debt policies, consistent maintenance of conservative and sound financial operations, and its past growth and potential for further development. The recession had a severe impact on revenue growth in the state, necessitating expenditure cuts to maintain financial balance and exhausting reserves. Economic recovery is now evident and revenues have resumed growth. Tax collections for 1992-93 were 12 percent over 1991- 92, 2 percent higher than the estimated annual rate of increase. A balanced budget has been adopted for 1993-94. Both the sales and income taxes continue to show strength, rising 10.5 percent and 8.6 percent respectively in July 1993 over June 1992.
 The state lost employment in 1991 but the jobs have been more than regained and the unemployment rate of 5.2 percent remains below the national level. On a monthly basis, current employment gains are favorable. Personal income in 1992 advanced in excess of the national rate and first quarter 1993 data extended this trend.
 Georgia's debt ratios are moderate, with net tax supported debt of $3.5 billion, equal to $539 per capita and to 2.8 percent of personal income.
 -0- 8/23/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: State of Georgia ST: Georgia IN: SU: RTG

TM -- NY065 -- 5202 08/23/93 17:21 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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