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MINNESOTA $334.6 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 1 /PRNewswire/ -- Minnesota's $334.6 million General Obligation State Refunding Bonds, to be offered for bids on April 6, are rated 'AA+' by Fitch. The 'AA+' rating assigned to $1.7 billion outstanding GO bonds is affirmed. The credit trend is stable. The bonds are due August 1, 1994-2009, and become callable August 1, 2003, at par.
 Minnesota's high credit standing is based on several strengths, including prudent and conservative policies regarding debt incurrence and financial stability. The state's broad based economy, with positive wealth levels, is well able to support existing and planned bonded debt.
 The recession affected Minnesota only moderately. While growth has subdued, recovery is now clearly present. Recent revenue collections have exceeded expectations and at June 30, 1993, the close of the biennium, the general fund is projected to have a balance of $414 million in addition to the budget reserve of $240 million. The governor has recommended that the 1993-95 budget, while utilizing part of the surplus, include provisions for increasing the reserve to $500 million.
 Net tax-supported debt amounts to $1.8 billion, a very moderate $406 per capita and 2.1 percent of personal income. Policy guidelines are designed to keep debt at about this level, and also call for rapid amortization. The new issue is entirely for refunding purposes and does not affect the debt position.
 -0- 4/1/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Minnesota IN: SU: RTG

LD -- NY111 -- 2230 04/01/93 16:52 EST
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Date:Apr 1, 1993
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