Printer Friendly

MILWAUKEE COUNTY (WIS.) GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

MILWAUKEE COUNTY (WIS.) GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 12 /PRNewswire/ -- Milwaukee County, Wisconsin's $84.5 million general obligation corporate purpose bonds, Series 1992A are rated 'AA-' by Fitch. The credit trend is improving, reflecting the county's greater economic diversity, decreased vulnerability to recession, and current trend toward restoring sound financial position. The bonds will be sold competitively on March 19. The rating also applies to $333.7 million in outstanding parity bonds. This is the first time the Fitch has rated the county's debt.
 Milwaukee County's economy has diversified significantly since the early 1980s, though manufacturing continues to be a major force. Following severe recessionary losses, the area's employment base has grown considerably, with particularly strong expansion in the services, trade, and construction sectors. As a result of the growth and diversification, and greater stability in the manufacturing sector, the area's economy has performed well during the recent recession, with employment gains continuing throughout 1990 and 1991 in the Metropolitan Statistical Area (MSA), and only a small job loss in the county alone in 1990. The unemployment rate remains low, well under that of the state and Unite States.
 The county has implemented numerous fiscal reforms over the last few years in response to expenditure growth that was exceeding the pace of revenue increases. These reforms, including a new 0.5 percent sales tax, significant medical center rate increases, privatization of certain facilities, and overall cost control, resulted in positive financial performance in 1991. The unaudited results begin to restore the county's fiscal health, a trend that should continue given the reforms in place and the county's history of effective financial planning.
 The county's direct debt burden is low, and debt service after this issue will represent a low 5 percent of operating expenditures. The small budgetary impact is particularly significant given the county's rapid debt retirement schedule. Including overlapping debt, the ratios are above average, but manageable given the county's above average income levels.
 -0- 3/12/92
 /CONTACT: Amy S. Doppelt, 212-908-0514, or Richard J. Raphael, 212-908-0506, both of Fitch/ CO: Milwaukee County, Wisconsin ST: Wisconsin IN: SU: RTG


CK -- NY033 -- 7718 03/12/92 10:58 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 12, 1992
Words:368
Previous Article:NEW CHRYSLER/DEALER TRAINING AIMS AT CODDLING THE CUSTOMER
Next Article:FORMER PAN AM WORKERS FILE $1.1 BILLION LAWSUIT AGAINST DELTA CHARGING BREACH OF CONTRACT BY DELTA IN ACQUISITION OF PAN AM


Related Articles
PRINCE WILLIAM COUNTY (VA.) GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MILWAUKEE COUNTY (WIS.) GO BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
SPARTANBURG COUNTY (S.C.) GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
FLORIDA'S $250 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
OCEAN COUNTY (N.J.) $34.6 MILLION GENERAL IMPROVEMENT BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MILWAUKEE COUNTY (WI) REFUNDING GO BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
HARFORD COUNTY (MD) $45.6 MILLION GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
ONONDAGA CO. (N.Y.) GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
PRINCE GEORGE'S COUNTY (MD.) GENERAL OBLIGATION BONDS RATED 'AA-', ON FITCHALERT -- FITCH FINANCIAL WIRE --
MILWAUKEE COUNTY $73.5 MILLION GENERAL OBLIGATION BONDS AND NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters