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MICHIGAN STATE BUILDING AUTHORITY REVENUE BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

MICHIGAN STATE BUILDING AUTHORITY REVENUE BONDS RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 15 /PRNewswire/ -- Michigan State Building Authority's 1992 Revenue Bonds, Series A, Series IIA, and Series IIB totalling $60.8 million are rated 'AA-' by Fitch. The bonds are being offered through negotiation on or about Oct. 19 with a syndicate led by The First Boston Corp. and Kemper Securities, Inc. and are expected to be priced on or about Oct. 19. Series A is for equipment and is secured by a lease payable by the State of Michigan. Series IIA and Series IIB are payable equally from rentals under facilities leases with the state. The rating reflects the state's general creditworthiness, strong legal provisions in the underlying lease obligations of the state, and overall state support of the authority.
 The state's general obligation bonds are rated 'AA'. Lease provisions are excellent, with rental payments appropriated directly by the state legislature constituting ongoing contractual obligations. The primary strength of the leases is a provision which contractually obligates the state to make rental payments for the entire term of the bonds. The key role that the building authority assumes in the state's capital financing is also a positive factor. About half of the state debt is attributable to the authority.
 -0- 10/15/92
 /CONTACT: Richard Raphael, 212-908-0506, or Claire Cohen, 212-908-0552, both of Fitch/ CO: Michigan State Building Authority ST: Michigan IN: SU: RTG


AH -- NY102 -- 0677 10/15/92 17:16 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
Words:248
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