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PEORIA, ARIZ., $1.4 MILLION GENERAL OBLIGATION BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

PEORIA, ARIZ., $1.4 MILLION GENERAL OBLIGATION BONDS RATED 'A-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 21 /PRNewswire/ -- Peoria, Arizona's $1.4 million general obligation bonds (projects of 1990), Series 1992A are rated 'A-' by Fitch. Outstanding bonds are also rated 'A-.' The new bonds are being offered through competitive sale on April 28. Bonds mature July 1, 1995- 2004 and are callable on or after July 1, 2000, at 101 percent and declining thereafter. This is the first time that Fitch has been requested to rate the debt of Peoria. The credit trend is stable.
 After nearly doubling in size through annexation and more than quadrupling its population during the 1980s, Peoria's growth should continue, though possibly at slower rates. The city is largely residential, though commercial and manufacturing elements continue to develop. Financing this growth has resulted in debt levels which are generally high, although about average for rapidly growing area cities. A new city administration is currently prioritizing its capital improvement plan and while a substantial level of authorized unissued debt exists for the overlapping school district, its issuance will be tied to actual tax base growth. Finances are sound with a large fiscal 1991 fund balance and the likelihood of at least breakeven operations for the current year.
 -0- 4/21/92
 /CONTACT: Richard Raphael, 212-908-0506, or Amy Doppelt, 212-908-0514, both of Fitch/ CO: ST: Arizona IN: SU: RTG


CK -- NY108 -- 0933 04/21/92 17:45 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
Words:244
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