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HOUSTON (TX) VARIABLE RATE DEMAND GO BONDS RATED 'AA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE (FFW)--

HOUSTON (TX) VARIABLE RATE DEMAND GO BONDS RATED 'AA/F-1+' BY FITCH
 -- FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, Sept. 29 /PRNewswire/ -- Houston (TX)'s $9.9 million variable rate demand general obligation bonds Series 1992E are rated 'AA/F-1+' by Fitch. The bonds are due April 1, 1997, and are being offered through a syndicate led by J.P. Morgan Securities Inc. The credit trend is stable.
 The latter stages of the current national recession have had some impact on Houston, particularly this past fiscal year, worsening a revenue/expenditure imbalance that existed since the city began drawing down a once large fund balance in fiscal 1990. Consequently, a low ending funding balance is estimated for the fiscal year ending June 30, 1992 and a sizable budget gap was projected for the current fiscal year.
 Gap closing measures included a debt restructuring last June and the increase of the general purpose property tax rate close to the charter limit, thereby reducing overall financial flexibility. These judgments bonds are part of a $25 million authorization to settle accumulated claims and judgments and lower such requirements funded from the budget. The success of some of the other gap closing revenue measures and the revenue estimates in general are subject to some uncertainty.
 Strong liquidity for bondholder puts is provided by the standby bond purchase agreement with Canadian Imperial Bank of Commerce.
 -0- 9/29/92
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/ CO: ST: Texas IN: SU: RTG


TM -- NY082 -- 4569 09/29/92 17:24 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
Words:254
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