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OREGON'S $51.4 MILLION G.O. BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 OREGON'S $51.4 MILLION G.O. BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 10 /PRNewswire/ -- The State of Oregon's $51.4 million General Obligation Refunding Bonds are rated 'AA' by Fitch, and the 'AA' rating assigned to $5.2 billion outstanding general obligations is affirmed. The new issue is entirely for refunding purposes and is expected during the week of April 13 through negotiation with a syndicate led by Dean Witter Reynolds Inc.
 Of the total offering, $13.2 million is alternate energy bonds in two series: $11.5 million 1992 Series A (Governmental Purpose) and $1.7 million 1992 Series B (Private Activity Non-AMT). Series A will be due on July 1, 1993-2005 and Series B will be due Jan. 1, 1993-2003. The remainder of the offering, $38.2 million, will be for higher education purposes and will mature Oct. 15, 1992-2008, with term bonds due 2012 and 2018. All of the series will be callable, but details have not yet been determined.
 The excellent security for Oregon's bonds includes its low level of tax supported net debt, good financial operations and positive economic growth in recent years. Oregon does continue to face a financial challenge, as the requirements for greater school funding by the state mandated by Ballot Measure 5 will increase after this biennium.
 While growth in the state has slowed, the recession has had less effect here than in most other states. Employment is estimated in 1991 to have remained at about the same level as in the previous year, with losses in manufacturing approximately offset by gains in other sectors. The economy is expected to outperform the nation during recovery. The latest revenue forecast indicates little net change from economic factors, but surplus at the June 30, 1993 close of the biennium has been reduced to $125 million, principally reflecting a court decision that the state must pay about $62 million in refunds to federal pensioners.
 Net tax supported debt amounts to $636.2 million, or a low $223 per capita and 1.4 percent of personal income. Nearly 90 percent of Oregon's gross debt is considered to be self-supporting.
 -0- 4/10/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Oregon IN: SU: RTG


KD -- NY064 -- 7414 04/10/92 17:32 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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