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MISSOURI $285.4 MILLION GENERAL OBLIGATION BONDS AND GENERAL OBLIGATION REFUNDING BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 14 /PRNEewswire/ -- Missouri's $285.4 million general obligation bonds, scheduled for bids on July 20, are rated 'AAA' by Fitch. Dated Aug. 1, 1993, the bonds mature serially Aug. 1, 1994- 2018 and are callable beginning Aug. 1, 2003 at 102 percent. The $839 million outstanding 'AAA' general obligation bonds are affirmed. The credit trend is stable.
 The refunding portion of the current offering is comprised of $148.09 million Third State Building Refunding Bonds, Series A 1993 to refund $136.7 million building bonds from portions of two issues and $107.3 Water Pollution Control Refunding Bonds Series B 1993 to refund $99.2 million water pollution control bonds from portions of four issues. To achieve interest cost savings, $30 million of new water pollution control bonds will also be offered. This issue does not change the state's excellent debt position, with net tax-supported debt representing a modest burden of $239 per capita and 1.3 percent of 1992 personal income. Debt service requires only 1.8 percent of general fund revenues. Pursuant to the constitution, debt service payments are appropriated and transferred to the sinking fund one year in advance.
 Superior bondholder security derives from Missouri's very conservative approach to debt as well as from its long record of conservatively managed and balanced operations. Like other states, financial pressures are evident due to slowed revenue growth, but Missouri has acted promptly to take deep cuts and keep spending within available resources. The state has a broad-based economy with considerable diversity, which should mitigate impact from the severe current flooding. Some of the state's industry remains vulnerable to cutbacks in defense spending, but Missouri has been insulated from the current round of military consolidations.
 -0- 7/14/93
 /CONTACT: Ruth Corson Maynard, 212-908-0596, or Claire G. Cohen 212-908-0552, both of Fitch/


CO: ST: Missouri IN: SU: RTG

SH -- NY030 -- 1289 07/14/93 10:15 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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