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PENNSYLVANIA $403.2 MILLION GENERAL OBLIGATION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

PENNSYLVANIA $403.2 MILLION GENERAL OBLIGATION BONDS RATED 'AA-' BY
 FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, June 19 /PRNewswire/ -- The Commonwealth of Pennsylvania's $403.2 million General Obligation Bonds, Second Series of 1992 (Refunding and Projects), to be offered for bids on June 25, are rated 'AA-' by Fitch. The bonds, which include about $138 million for new projects and $265.2 million for refunding purposes, will mature on July 1, 1993-2012, and are not callable. The issue will include both current interest and capital appreciation bonds. The credit trend is stable.
 Pennsylvania continues to maintain debt at a level well suited to its resources. After the current sale, net tax-supported debt will be about $6.0 billion, representing a moderate $508 per capita and 2.6 percent of personal income. The refunding is being done to achieve interest cost savings.
 Pennsylvania increased several taxes to provide for elimination of a deficit incurred in 1990-91 and to support the 1991-92 budget. Projections were based on economic recovery and when it was apparent that materialization would be delayed, revenue estimates were lowered and cuts were made to offset the losses and some supplemental appropriations. Revenues through May are slightly better than the revised estimates but not all the savings have yet been achieved. The state intends to reach balance at the close of the fiscal year but, if so, there will be no margin. The 1992-93 budget will be stringent; it is still under legislative consideration.
 The recession continues to be evident in Pennsylvania, with employment below the level of a year ago and unemployment somewhat above the national rate. While personal income growth is sluggish, it is matching that of the nation as a whole.
 -0- 6/19/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Pennsylvania IN: SU: RTG


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Publication:PR Newswire
Date:Jun 19, 1992
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