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OREGON'S $9.5 MILLION G.O. BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 OREGON'S $9.5 MILLION G.O. BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 4 /PRNewswire/ -- The State of Oregon's $9.5 million Department of Energy general obligation alternate energy bonds Series 1991 are rated 'AA'. The 'AA' assigned to $5.2 billion outstanding general obligation debt is affirmed. The credit trend remains stable. The new issue, which will be in four series, including one of $500,000 which is federally taxable, is expected today by negotiation with Dean Witter Reynolds Inc.
 The state's full faith and credit is pledged to the issue, but the bonds are expected to be paid from loan repayments. Oregon has been undergoing positive growth in recent years, a trend reflected in good financial operations. Debt supported by taxation is low, as the bulk of the state's obligations have been issued for self-supporting programs, particularly housing loans to veterans. The excellent security for bonds reflects these factors, as well as the assumption that the recent growth trend will continue, although at slower rates than experienced in the past few 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.
 Economic growth has continued in Oregon, with employment still showing gains. The most recent economic and revenue forecast released in December expects a somewhat higher surplus, $173.5 million at the June 30 close of the 1991-93 biennium, than had been estimated in September. The progress of the national economy represents the principal risk to the forecast.
 -0- 12/4/91
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: State of Oregon ST: Oregon IN: SU: RTG


JT -- NY056 -- 9225 12/04/91 12:54 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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