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GROTON, CONN. $5.0 MILLION GENERAL OBLIGATION BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

GROTON, CONN. $5.0 MILLION GENERAL OBLIGATION BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 3 /PRNewswire/ -- Groton, Conn.'s $5.05 million general obligation bonds, which will be offered by competitive bids on Jan. 8, are rated "A+" by Fitch. The rating also applies to the town's $28.06 million outstanding general obligation bonds. This is the first time Fitch has been requested to rate this issuer's debt. 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 eighteen 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 annual pay-as-you-go contributions to capital. Sizable unreserved balances continue to be realized through this recessionary period, approximating 5 percent of expenditures. Budget practices are conservative, and a revaluation is scheduled for completion in October 1992.
 A residential and industrial community on the Long Island Sound, Groton is at the center of an area with a heavy military orientation and is itself the location of the Electric Boat Division of General Dynamics. Despite the uncertainties related to cutbacks in U.S. defense pending, a current backlog of submarine contract orders extending through the mid-1990s should enable sufficient time for adjustment. Groton also benefits from the sizable and growing pharmaceutical presence of Pfizer and a well developed tourist base as the Village of Mystic is partially within the town.
 -0- 1/3/92
 /CONTACT: Ruth Corson Maynard of Fitch, 212-908-0596/ CO: Groton, Conn. ST: Connecticut IN: SU: RTG SH -- NY031 -- 6529 01/03/92 14:08 EST
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Publication:PR Newswire
Date:Jan 3, 1992
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