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MONTGOMERY COUNTY (PA.) HOUSING BONDS 1993 A&C 'BBB+' BY FITCH

 NEW YORK, Sept. 7 /PRNewswire/ -- Montgomery County, Pa.'s $52.815 million tax-exempt 1993 series A and $4.185 million taxable 1993 series C multifamily housing revenue bonds are rated `BBB+' by Fitch. The $20.185 million 1993 series B bonds are not rated.
 The rating reflects strong debt service coverage of 1.65 times, the quality of the properties securing the bonds, and an approximate $4.4 million (12 months principal and interest) debt service reserve fund.
 Bond proceeds will be used to refund and redeem the issuer's 1985 series A, B, C, D, and E multifamily housing revenue bonds, issued to finance the purchase and rehabilitation of the following three projects. The Kingswood project is a 765-unit, garden-style multifamily complex located in King of Prussia, Pa. The Brookside Manor project is a 417-unit, garden-style multifamily complex located in Hatfield, Pa. The Forge Gate project is a 205-unit, multifamily complex located in Kulpsville, Pa. Current occupancy of the three projects is 97 percent, with year-end 1991 occupancy at 93 percent and year-end 1992 occupancy at 95 percent.
 The properties contain in-unit amenities such as wood-burning fireplaces, dishwashers, and washers and dryers, as well as common area amenities such as pools, playgrounds and tennis courts. The properties are well maintained and have excellent access to Philadelphia and the entire Delaware Valley region.
 -0- 9/7/93
 /CONTACT: Kent Born of Fitch, 212-908-0627/


CO: Montgomery County ST: Pennsylvania IN: SU: RTG

MP -- NY037 -- 9300 09/07/93 11:22 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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