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NEW JERSEY SPORTS AND EXPOSITION AUTHORITY BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW JERSEY SPORTS AND EXPOSITION AUTHORITY BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 24 /PRNewswire/ -- New Jersey Sports and Exposition Authority State Contract Bonds, 1992 Series B are rated 'AA' by Fitch. The bonds are being offered through negotiation on or about Aug. 26, by Ryan, Beck & Co., and mature serially March 1, 1994-1997. In the opinion of co-bond counsel, interest on the bonds are included in gross income for federal income tax purposes, but excluded for state income tax purposes. The credit trend is stable.
 Bond payment source is legislative appropriations made by the State of New Jersey pursuant to a contract. Bondholder remedies are limited in the event of non-appropriation, as no real or personal property are pledged. Nevertheless, the state has demonstrated strong and longstanding support for the authority. The state has guaranteed large portions of the authority's revenue debt. Furthermore, the current financing program included the issuance of parity debt last February, which refunded portions of the authority's debt obligations and provided it with crucial and ongoing budget relief.
 State support for this financing program is strong, as the authorizing legislation enjoyed overwhelming and bipartisan support. This reflects the substantial economic contributions to the state by the authority's Meadowlands Sports Complex and a broadened authority role in other parts of the state. This program continues the trend of expanding the authority's role in the state's economic development efforts.
 New Jersey's credit fundamentals are among the strongest of the states. They include a broad, wealthy, and diverse economy, excellent debt position with low to moderate ratios, and a history of balanced financial operations, although the state continues to face pressure from the affects of the recession and from measures necessary to balance the revenue loss from the recent reduction in the sales tax rate. Its general obligation bonds are rated 'AAA'.
 -0- 8/24/92
 /CONTACT: Richard J. Raphael, 212-908-0506, or Claire Cohen, 212-908-0552, both of Fitch/ CO: New Jersey Sports and Exposition Authority ST: New Jersey IN: SU: RTG


PS -- NY067 -- 2656 08/24/92 14:49 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:346
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