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MOODY'S CONFIRMS Aa RATING FOR CONNECTICUT GENERAL OBLIGATION BONDS

MOODY'S CONFIRMS Aa RATING FOR CONNECTICUT GENERAL OBLIGATION BONDS
 NEW YORK, April 13 /PRNewswire/ -- Moody's Investors Service has confirmed the Aa rating assigned to the State of Connecticut general obligation bonds in connection with the planned sale on April 23 of approximately $325 million 1992 Series B bonds and $50 million capital appreciation bonds (college savings plan, 1992 Series A).
 Connecticut's exceptional wealth and resources have long formed the base of support for the high grade security afforded its general obligation bonds. In recent years serious fiscal imbalance and its corollary, growth of debt, have threatened that security. Connecticut's debt poses a relative burden now among the highest of the states. In addition, economic growth in this decade is unlikely to return to the pace of the 1980s, given the outlook for the sectors that fueled Connecticut's growth in that period.
 The fiscal 1992 budget seeks to restore recurring balance by creating a new tax structure with reduced economic vulnerability and substantially increased revenues, while slowing the growth of spending. The governor's budget proposal for fiscal 1993 sharpens the focus on spending restraint while maintaining the new tax structure. It also recommends an unusual borrowing program to capture early the savings from proposed employee benefit revisions which cannot take effect until later years. This proposed borrowing, while not large in the context of the state's total debt obligations, is a sign of the state's difficulties in restoring fiscal balance.
 State of Connecticut general obligation bonds, including current offering: $5,170,384,000.
 -0- 4/13/92
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: ST: Connecticut IN: SU: RTG


KD -- NY092 -- 7993 04/13/92 18:07 EDT
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Date:Apr 13, 1992
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