Printer Friendly

MISSOURI BOARD OF PUBLIC BUILDINGS SPECIAL OBLIGATION BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

MISSOURI BOARD OF PUBLIC BUILDINGS SPECIAL OBLIGATION BONDS 'AA' BY
 FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 27 /PRNewswire/ -- The Missouri Board of Public Buildings' $147.9 million State Building Special Obligation Refunding Bonds, Series A 1991 are rated 'AA' by Fitch. The bonds, to be offered for bids on Dec. 3, will be serials due Dec. 1, 1992-2012, and will be callable at par beginning Dec. 1, 2001. The 'AA' rating also applies to the board's $3.7 million Series D 1988 bonds remaining outstanding after the refunding. The credit trend is stable. This is the first time Fitch has been requested to rate Missouri Board of Public Buildings' bonds.
 With the board's bonds secured by state rental payments subject to annual appropriation by the legislature, the high quality rating assigned reflects the strength of the underlying 'AAA' general obligation credit of the State of Missouri. Missouri enjoys a broad combination of superior credit attributes, including a very conservative approach to debt, and a long record of balanced financial operations and conservative financial management. The state has a broad-based economy with considerable diversity, but growth has been slow and some of its industry is vulnerable to changes in defense spending.
 The board has the functional responsibility to construct and operate state office buildings and other facilities. It is comprised of the state's constitutionally elected officials and operated by the Office of Administration, the central management arm of the state government. The board is empowered to require agencies and instrumentalities of the state to fully occupy the facilities, ensuring an adequate stream of rentals to provide sufficient net income for debt service. Use and occupancy insurance is maintained, as well as a reserve for depreciation, replacement, and operations. The board has a long record of successful operations since its implementation in 1945. This refunding will not alter the state's excellent debt posture.
 -0- 11/27/91
 /CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: Missouri Board of Public Buildings ST: Missouri IN: SU: RTG


KD -- NY043 -- 7813 11/27/91 14:51 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 27, 1991
Words:349
Previous Article:ALITALIA TAKES DELIVERY OF FIRST McDONNELL DOUGLAS MD-11
Next Article:WANG WILL FIGHT INJUNCTION


Related Articles
CALIFORNIA PUBLIC WORKS BOARD BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC BUILDING AUTHORITY $200 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MISSOURI $320.1 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON $32.9 MILLION GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
CALIFORNIA $16.2 BILLION GENERAL OBLIGATION BONDS LOWERED TO 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC SCHOOL AUTHORITY'S $68.4 MIL BONDS RATED 'AA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
MISSOURI $35 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FLORIDA'S $250 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Virginia Treasury Board $25 Million Commercial Paper Rated 'F-1+' By Fitch

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