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MIDDLESEX COUNTY (NJ) GO BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--

 MIDDLESEX COUNTY (NJ) GO BONDS RATED 'AAA' BY FITCH
 --FITCH FINANCIAL WIRE--
 NEW YORK, July 22 /PRNewswire/ -- Middlesex County, New Jersey's general obligation bonds are rated 'AAA' by Fitch. The county will offer $3.8 million General Obligation Refunding Bonds (Perth Amboy), Series 1992 through negotiation the week of July 27 with Printon, Kane Group, Inc.
 Middlesex County possesses a strong, diverse economic base that enables it to be one of the most creditworthy counties in the state. Its employment base is a function of its location midway between New York City and Philadelphia as well as its excellent transportation network; the county has evolved into one of the state's major employment centers and headquarters locations. While the recession has slowed development within the county, it has not stopped, with residential construction progressing at a relatively better pace than commercial/industrial development. The county's infrastructure is generally in place and the capital program reflects only upgrading of facilities; no large projects are outstanding.
 Debt levels are low. Debt service costs as a percent of the budget are above average, but this figure is mitigated by a very rapid payout and the generally narrow responsibilities of New Jersey counties. The county's financial performance is strong, with good fund balances accrued annually. The current budget was adopted with no property tax rate increase and balance being achieved through expenditure reductions and revenue enhancements. The credit trend is stable.
 Proceeds of this issue will be used to retire a note issued to fund a tax appeal. The county expects to sell about $60 million bonds in August to fund outstanding capital bond anticipation notes and various miscellaneous capital projects.
 -0- 7/22/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: ST: New Jersey IN: SU: RTG


TM -- NY104 -- 2116 07/22/92 16:40 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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