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ONONDAGA COUNTY, NEW YORK GO'S AFFIRMED AT 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 18 ~PRNewswire~ -- Onondaga County, New York's general obligation bonds are affirmed at 'AA' by Fitch. The county will offer $6.86 million Public Improvement Refunding (Serial) Bonds, 1992 through negotiation with Chemical Securities Inc. on Nov. 24.
 Onondaga County has a well established record of solid financial performance due to strong budget and management checks. These checks have enabled it to react quickly and appropriately during the current recession to avoid the imbalances experienced by many of the other counties within New York State. Modest tax rate increases, along with strict expenditure controls have been utilized to preserve appropriate fund balance levels. In addition, the county has actively pursued means to reduce overall debt levels, including implementation of more aggressive pay as you go capital programs.
 Debt levels, which historically had been above average, are now moderate and manageable. Additional borrowing needs are modest, as the infrastructure is generally in place, even in the areas of increased development. The recession appears to be less dramatic in the county, as evidenced by the continued construction of both retail and residential development projects. The credit trend is stable.
 -0- 11~18~92
 ~CONTACT: Colleen Woodell of Fitch, 212-908-0507~


CO: ST: New York IN: SU: RTG

WB -- NY094 -- 2522 11~18~92 16:15 EST
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Publication:PR Newswire
Date:Nov 18, 1992
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