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MASSACHUSETTS' $200 MILLION GO BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 MASSACHUSETTS' $200 MILLION GO BONDS RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 12 /PRNewswire/ -- The Commonwealth of Massachusetts' $200 million general obligation bonds consolidated loan of 1992, series D are rated 'A' by Fitch. The bonds are expected on Nov. 16 through negotiation with a syndicate led by PaineWebber Inc. The issue includes $93.32 million serials, due May 1, 1994-2005, $40.08 million terms, due May 1, 2008, and $66.6 million terms, due May 1, 2012, optionally callable beginning May 1, 2002 at prices yet to be determined. Security derives from a pledge of the commonwealth's full faith and credit.
 Financial improvement continues to be evidenced, with the conservative revenue estimation trend characterizing the 1992-93 budget. Tax collections through the first quarter were up 1.8 percent overall, on target with the 2.1 percent annualized growth projection and 0.8 percent over the mean of the consensus revenue estimate benchmark range for the quarter. Short term operating borrowings have substantially reduced, and the Commonwealth does not expect to require more than $250 million outstanding at any time in the current year. To date, no operating borrowing has yet been required this year.
 The recession appears to be abating somewhat, following a particularly harsh economic contraction. Employment is stabilizing, and unemployment levels have remained between 8.4 percent-8.6 percent for the past six months.
 Debt ratios remain high, with net tax-supported debt equal to 8.7 percent of 1991 personal income, and debt service estimated to require 12 percent of own-source tax revenues in fiscal 1993.
 -0- 11/12/92
 /CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: ST: Massachusetts IN: SU: RTG


KW -- NY109 -- 0454 11/12/92 18:31 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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