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MINNESOTA $50 MILLION GENERAL OBLIGATION BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 18 /PRNewswire/ -- Minnesota's $50 million General Obligation State Various Purpose Bonds, to be offered for bids on March 23, are rated 'AA+' by Fitch. The 'AA+' rating assigned to $1.6 billion outstanding GO bonds is affirmed. The credit trend is stable. The bonds are due April 1, 1994-2013, and become callable April 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 was 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 1993-1995 budget, while utilizing part of the surplus, include provisions for increasing the reserve to $500 million.
 Net tax-supported debt amounts to $1.7 billion, a very moderate $400 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.
 -0- 3/18/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Minnesota IN: SU: RTG

LD -- NY090 -- 7671 03/18/93 17:21 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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