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NEW HAMPSHIRE $30.5 MILLION GO TAXABLE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 29 /PRNewswire/ -- New Hampshire's general obligation taxable bonds (Pease Development Authority-1993 Series) have been rated 'AA' by Fitch. The 'AA' rating assigned to $563.6 million outstanding general obligations is affirmed. The credit trend is stable. The new bonds are expected on March 30 through negotiation with Merrill Lynch & Co. and Tucker Anthony Inc.; they will mature on July 1, 1996-2006 serially, with a term bond due 2012. Call features are not yet determined.
 The new bonds will provide a loan to the state's Pease Development Authority, for re-loan to Celltech Biologics Inc., which will construct and occupy a facility at the site of the former Pease Air Force Base, located in the towns of Portsmouth and Newington. While the bonds are expected to be serviced from loan repayments, the security is solely that of the State of New Hampshire and no authority payments are pledged to the bonds.
 While the state's economy remains depressed, the rate of employment loss has decelerated and the financial position has stabilized. Financial operations in 1991-92 were more favorable than anticipated and the general fund closed with a balance. Balance is also envisioned this year and there would be a generous surplus were the state not faced with a potential loss of revenue from a challenge to its nuclear property tax. The proposed budget for 1994-95 is in about precise balance. Revenue collections for the first eight months of this year are ahead of estimates.
 New Hampshire has only a moderate debt burden, with net tax- supported debt equal to $628.3 million, or $567 per capita and 2.6 percent of personal income. he state has been using debt recently to spur economic development and the new bonds are a part of this strategy. If economic development debt is included in tax supported debt, ratios remain moderate at $668 per capita and 3.1 percent of personal income.
 -0- 03/29/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: New Hampshire IN: SU: RTG

AH -- NY080 -- 0603 03/29/93 14:25 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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