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MARYLAND CERTIFICATES OF PARTICIPATION RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 MARYLAND CERTIFICATES OF PARTICIPATION RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 22 /PRNewswire/ -- Maryland's $20.9 million project and refunding certificates of participation (State Highway Administration Facilities and Motor Vehicle Administration Facility), Series 1992, are rated "AA-" by Fitch. The certificates, selling competitively on May 27, mature serially June 1, 1993 to 2010, and are callable on or after June 1, 2000, at 102 percent and declining thereafter. The credit trend is stable.
 Certificates are payable from installment purchase payments for facilities made by the State of Maryland for the use of the Maryland Department of Transportation. Although funding sources are not limited to any source of state revenues, installment payments are intended to derive from the department's self-funded operating budget subject to appropriation by the Maryland General Assembly. The state is rated "AAA" and consolidated transportation bonds of the department are rated "AA." The facilities subject to the purchase agreement appear essential to the operations of the department. In the event of default or non-appropriation under the purchase agreement, the trustee may take possession and re-let or sell the facilities for the benefit of the certificate holders. The facilities' projects and this financing have had broad departmental and state approval.
 -0- 5/22/92
 /CONTACT: Richard J. Raphael of Fitch, 212-908-0506/ CO: ST: Maryland IN: SU: RTG


GK -- NY039 -- 3359 05/22/92 13:57 EDT
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Publication:PR Newswire
Date:May 22, 1992
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