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NORWALK (CT.) MARITIME CENTER AUTH. GTD. BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

NORWALK (CT.) MARITIME CENTER AUTH. GTD. BONDS RATED 'AAA' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, Sept. 21 /PRNewswire/ -- Norwalk (CT.) Maritime Center Authority's $11.6 million Maritime Center Project Refunding Bonds, 1992 Series (guarantees by the City of Norwalk) are rated 'AAA' by Fitch. The bonds, which will refund the current interest portion of the outstanding 1986 Series Refunding bonds, are expected for negotiation on Sept. 23 by U.S. Securities, Inc.
 Although the bonds are special obligations and secured by gross revenues, legislation creating the authority authorized the city's unconditional full faith and credit guarantee which has been used on all authority bond issues since inception. As a result, the underlying and securing credit for these bonds is that of the city. The authority was created in 1985 to enhance the redevelopment of the city's waterfront area and operates a comprehensive marine and maritime educational facility under a lease with the city and an operating sublease with a non-profit corporation.
 With careful planning and development, Norwalk has evolved into a city with a diverse economic base capable of withstanding the current economic slowdown. The city has successfully capitalized on its natural resources as well as its strong corporate interests to provide support not only for additional development but also to aid with city goals and programs. Financial management is extremely strong with multiyear operating and capital planning providing for maintenance of the solid historical performance records. Debt levels are modest, as are capital plans. The credit trend is stable.
 -0- 9/21/92
 /CONTACT: Colleen Woodell, 212-908-0507, or Ruth Corson Maynard, 212-908-0596. both of Fitch/ CO: Norwalk Maritime Center Authority ST: Connecticut IN: SU: RTG


TM -- NY091 -- 1845 09/21/92 16:40 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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