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GROTON, CONN. $8.2 MILLION GENERAL OBLIGATION BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 14 /PRNewswire/ -- Groton, Conn.'s $8.2 million general obligation bonds, to be offered competitively July 21, are rated 'A+' by Fitch. Dated July 15, 1993, the bonds mature serially Aug. 15, 1994-2008 and are callable beginning Aug. 15, 2002 at 102 percent. The rating also applies to the town's $28.3 million outstanding general obligation bonds. The credit trend is stable.
 Groton benefits from a very favorable and conservative debt structure and a long record of financial success. Debt ratios are low and payout is rapid with all bonds maturing in 17 years, including 52 percent of the town's total bonded debt, which was incurred for sewers. Annual servicing costs require less than 3 percent of general fund revenues, with further budgetary flexibility afforded by sizeable annual pay-as-you-go contributions to capital. Large unreserved balances have been consistently generated well in excess of 5 percent of expenditures and estimated at 8 percent at the end of 1992-93. Budget practices are conservative, and successful timely completion of revaluation enabled a 33 percent rate decline for 1993-94.
 A residential and industrial community on the Long Island Sound, Groton is the center of an area with a heavy military orientation and the location of the U.S. Navy Submarine Base and the Electric Boat Division of General Dynamics, which is downsizing substantially although its current backlog of submarine contract orders through the mid-1990s should enable time for adjustment. Groton's military importance has been affirmed by the recommendation to consolidate all naval nuclear training operations here, increasing personnel by an estimated 4,000. Groton also benefits from the sizeable and growing pharmaceutical presence of Pfizer and a well developed tourist base as the Village of Mystic is partially within the town.
 -0- 7/14/93
 /CONTACT: Ruth Corson Maynard of Fitch, 212-908-0596/


CO: Town of Groton ST: Connecticut IN: SU: RTG

PS -- NY047 -- 1402 07/14/93 12:15 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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