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MONTANA BOARD OF INVESTMENTS INTERCAP BONDS RATED 'A+/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

MONTANA BOARD OF INVESTMENTS INTERCAP BONDS RATED 'A+/F-1+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 18 /PRNewswire/ -- The Board of Investments of the State of Montana's $7.5 million annual adjustable rate tender option municipal finance consolidation act bonds (INTERCAP Revolving Program), Series 1992 are rated 'A+/F-1+' by Fitch. The bonds will be sold through negotiation by a syndicate led by D.A. Davidson & Co. during the week of Feb. 25. The credit trend is stable.
 The rating is based on the substantial resources available to the Board of Investments to fulfill its pledges for bond security and liquidity. Also, the board's record of repayment on loans is very strong, with no borrowers defaulting since the program's inception.
 The board, which has responsibilities including investing state money, currently manages a portfolio totaling $3.4 billion, including trust, pension, and operating funds. Over $750 million of these assets, comprised of the state's operating funds and the coal severance tax trust fund, are available to be borrowed if a municipality defaults on its loan obligation to the board. These funds are also pledged to provide liquidity in the event of a failed remarketing. A loan for either purpose has not been necessary to date to meet debt service on two outstanding series.
 This bond sale is the board's fourth since becoming responsible for administering the municipal finance program. The total amount of debt permitted to be outstanding for this and two other programs secured by the board's loan pledge is statutorily limited to $50 million. Loans made from bond proceeds to municipal entities within the state are limited to $500,000 per project and can be used to finance or refinance vehicle and equipment acquisitions and modest real property improvements, as well as borrowings in anticipation of permanent financing or other short-term loans.
 -0- 2/18/92
 /CONTACT: Amy S. Doppelt of Fitch, 212-908-0514/ CO: Board of Investments of the State of Montana ST: Montana IN: SU: RTG SM -- NY111 -- 0160 02/18/92 17:18 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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