PENNSYLVANIA BONDS RECEIVE FAVORABLE INTEREST RATE
PENNSYLVANIA BONDS RECEIVE FAVORABLE INTEREST RATE HARRISBURG, Pa., Nov. 6 /PRNewswire/ -- Gov. Robert P. Casey
announced today that Pennsylvania's $321 million general obligation bond sale was received favorably in the financial community and the Commonwealth maintained its solid credit ratings on Wall Street.
"Today's sale again shows that Wall Street has confidence in Pennsylvania," Casey said. "The proceeds from this sale will be used to move our state construction and capital improvement programs forward in these difficult economic times." Lehman Brothers was the winning bidder with a 6.31 percent average interest rate. The Commonwealth's last general obligation bond issue Of $321 million in May received a 6.53 percent interest rate. Proceeds from the bond issue will be divided as follows: capital facilities projects, $242 million; Pennsylvania Infrastructure Investment Authority (PENNVEST) sewer and water project loans, $20 million; agriculture conservation easement purchases, $6 million; Pennsylvania Economic Revitalization Fund (PERF), $20 million; land and water development, $1 million; and advance construction interstate highway program, $32 million. The rating services all reaffirmed the Commonwealth's credit rating last week. Moody's Investor Service maintained its A1 rating, Fitch Investor Service affirmed its AA- rating, and Standard and Poor's again assigned an AA- rating. /delval/ -0- 11/6/91 /CONTACT: Sue Grimm of the Commonwealth News Bureau, 717-783-1116/ JS -- PH035 -- 1864 11/06/91 16:12 EST
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|Date:||Nov 6, 1991|
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