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PEASE DEVELOPMENT AUTHORITY, N.H., $10 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

PEASE DEVELOPMENT AUTHORITY, N.H., $10 MILLION BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 31 /PRNewswire/ -- The Pease Development Authority of New Hampshire's $10 million state guaranteed airport revenue bonds are rated "AA," based on the guarantee of principal and interest by the State of New Hampshire, which has pledged its full faith and credit.
 The bonds are expected to be sold through negotiation with Merrill Lynch & Co. and Tucker Anthony Inc. during next week. The bonds include $5,000,000 Business Express, Inc. - 1992 A Tax Exempt Series and $5,000,000 MarketCorp Flight, Inc. - 1992 B Taxable Series. Series A will include serials in 1995-2006 and a term bond due 2012 while Series B will be terms due 2002 and 2012. All are payable Aug. 1, the term bonds will have mandatory sinking funds payments and optional call begins Aug. 1, 2002, at a price yet to be determined. The bonds are also subject to extraordinary redemption under a number of events.
 Under various agreements, each borrower will make payments for debt service to the trustee. If payments are not made on a timely basis, insufficiencies will be met by the state under its guarantee.
 The bonds are being issued to finance an operations and maintenance facility of Business Express, Inc., on part of the site of the former Pease Air Force Base, located in the Towns of Portsmouth and Newington. It represents a part of the economic development effort of the State of New Hampshire and specified levels of employment are required of the company.
 New Hampshire's economy remains depressed but its financial operations have regained stability, in part from the enactment of a Medicaid enhancement tax which has offset lower revenue collections. Preliminary results indicate that the fiscal year which ended June 30 closed with a small surplus in the general fund. The budget for the biennium which ends June 30, 1993, is balanced. The state's debt position is excellent, with net tax supported debt equal to a moderate 2.6 percent of personal income. Should this guarantee be called upon, the amounts required are within a manageable range.
 -0- 7/31/92
 /CONTACT: Claire Cohen of Fitch, 212-908-0552/ CO: Pease Development Authority of New Hampshire ST: New Hampshire IN: SU: RTG


GK -- NY045 -- 5612 07/31/92 12:45 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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