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MANCHESTER (CONN.) $5 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 9 /PRNewswire/ -- Manchester, Conn.'s $5 million general obligation bonds are rated `AA' by Fitch. The bonds are scheduled to be sold competitively Sept. 15. Dated Sept. 15, 1993, the bonds mature serially Sept. 15, 1994-2013 and are noncallable. The `AA' rating also applies to $21.3 million of outstanding bonds.
 Manchester, an outer suburb of Hartford, is evolving into a regional shopping center for the northeastern part of the state east of the Connecticut River. The town has a history of solid financial performance. Debt levels are low, with enterprise funds and state grants paying two-thirds of debt service costs. Water and sewer plants recently were ungraded.
 Future capital needs are small and easily manageable, with additional flexibility provided by the large pay-as-you-go component of the capital plan. Despite increased unemployment, which lags downsizing in the defense and insurance industries and reflects the increased size of the local labor force, construction of both retail and residential development projects continues. The credit trend is stable.
 -0- 9/9/93
 /CONTACT: Ruth M. Levine, 212-908-0605, or Ruth Corson Maynard, 212-908-0596, both of Fitch/


CO: ST: Connecticut IN: SU: RTG

MP -- NY073 -- 0409 09/09/93 14:55 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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