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OREGON $8.7 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 OREGON $8.7 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 16 /PRNewswire/ -- Oregon's $8.7 million general obligation pollution control bonds, being offered for bids on July 21, are rated 'AA' by Fitch. The 'AA' rating assigned to $5.2 billion outstanding general obligations is affirmed. The credit trend remains stable. The bonds will be in two series, $1,395,000 1992 Series C and $7,350,000 1992 Series D. The state's full faith and credit are pledged to the bonds.
 In recent years, Oregon has experienced good economic growth which has also been reflected in healthy financial operations. A surplus is expected for this biennium. The state has a low debt burden as the bulk of its debt has been issued for self-supporting programs.
 While the recession has caused growth to slow, it has affected Oregon less than many other states. Employment is still increasing and personal income continues to make gains higher than those in the nation. Pursuant to a ballot measure adopted in 1990, the state must assume greater responsibility for school financing. The legislature met briefly in special session this month to consider proposals of the governor which included imposition of a sales tax and modification of the income tax. The session adjourned without action being taken. It is expected that the 1993-95 budget will incorporate cuts of the approximately $1 billion needed, unless other actions are taken in the meantime. School funding will remain an uncertainty until there is resolution.
 -0- 7/16/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Oregon IN: SU: RTG


AH -- NY124 -- 0042 07/16/92 18:19 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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