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HORRY COUNTY (S.C.) $8.6 MILLION GENERAL OBLIGATION BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 10 /PRNewswire/ -- Horry County, S.C.'s $8.6 million general obligation refunding bonds, series 1993B are rated 'A' by Fitch. The bonds are selling competitively Sept. 14. The county's $21.4 million outstanding 'A' general obligation bonds are affirmed. The credit trend is stable.
 The rating reflects the county's strong finances, low debt levels as measured against the large tax base, and an economy primarily based on tourism. Population growth and development in the 1980s was rapid. The March closure of Myrtle Beach Air Force Base has not had a significant economic impact. The base's economic contribution to the area economy was relatively minor compared to that of the huge tourism industry that includes the service and trade sectors. Resident employment levels have risen, retail sales continue to increase, and $100 million in new construction was registered last year. Continued growth and development should offset any effects of the base's closure.
 Overall debt levels are low in relation to the tax base at 1.1 percent and average on a per capita basis at $815. Debt payout over 10 years is fast. The county's financial position is strong, as the estimated fiscal 1992-93 unreserved general fund balance of about $8.0 million represents 27 percent of revenues. While current tax collections are weak, total collections are excellent.
 -0- 9/10/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: South Carolina IN: SU: RTG

PS -- NY033 -- 0754 09/10/93 12:47 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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