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NEW HAMPSHIRE TURNPIKE BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW HAMPSHIRE TURNPIKE BONDS RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. --10/7/92 /PRNewswire/ -- The state of New Hampshire's $95 million Turnpike System Revenue Bonds, 1992 Refunding Series Bonds, are rated 'A' by Fitch. The rating also applies to all outstanding parity bonds. The credit trend is stable.
 This issue is expected to be sold through negotiation next week by a syndicate led by a senior management group consisting of Bear, Stearns & Co. Inc., The First Boston Corp., and Merrill Lynch & Co.
 The rating reflects the turnpike system's solid credit fundamentals, including its strong historical operations, which are partly a result of the location of the turnpike's three segments in important transportation corridors. Furthermore, its current toll rates are competitive with comparable turnpikes and are not expected to increase before fiscal 1996.
 However, fiscal 1992 marks the third consecutive year that traffic and revenue results have been lower than anticipated, due mainly to the effects of the protracted regional recession as well as increased use of both commuter and commercial discount toll programs. The Bureau of Turnpikes has demonstrated good management during this demanding period both by downsizing its Capital Improvement Plan and by installing new, upgraded toll collection equipment. After two annual traffic decreases of about 5 percent a year, trends have reversed in fiscal 1992 to show a small 1.7 percent traffic increase over the prior year. Likewise, the second half of fiscal 1992 also indicated small revenue increases in each month.
 The turnpike's traffic trends and financial operations remain vulnerable to economic recessions; however, the solid credit fundamentals underpinning the turnpike system adequately secure it against these cyclical dislocations.
 -0- 8/7/92
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/ CO: New Hampshire Turnpike System ST: New Hampshire IN: TRN SU: RTG


PS -- NY042 -- 8112 08/07/92 15:37 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
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