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ONONDAGA COUNTY (N.Y.) GENERAL OBLIGATION BONDS 'AA', BANS 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 16 /PRNewswire/ -- Onondaga County (N.Y.)'s $44.9 million Public Improvement (Serial) Bonds, 1993 are rated "AA" by Fitch. The bonds will be sold competitively on April 20. The "AA" rating on $245.8 million outstanding GO bonds is affirmed. $15 million Bond Anticipation (Renewal) Notes, 1993 are rated "F- 1+" by Fitch. The BANs will be sold competitively April 22.
 Onondaga County has a well established record of solid financial performance due to strong budget and management checks that enabled it to react quickly and appropriately to avoid the imbalances experienced by many New York counties during the recession. Modest tax rate increases and 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 implementing a more aggressive pay-as-you-go capital program. 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 appeared less dramatic in the county, as evidenced by the continued construction of both retail and residential development projects. The credit trend is stable.
 The strong degree of assurance for timely repayment of the notes rests with the county's credit fundamentals and proven market access. The BANs, which are general obligation debt, will mature on May 6, 1994. While the county expects to retire the BANs from the proceeds of long- term bonds, the notes may be renewed for another two years.
 -0- 4/16/93
 /CONTACT: Ruth M. Levine of Fitch, 212-908-0605/


CO: Onondaga County ST: New York IN: SU: RTG

TS -- NY061 -- 6888 04/16/93 15:37 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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