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PHILADELPHIA $350 MILLION 1993-1994 TRANS TO BE RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 29 /PRNewswire/ -- Fitch expects to assign an 'F-1+' rating to $350 million City of Philadelphia, tax and revenue anticipation notes, series A, B, C, and D of 1993-1994. The rating will be based on the 100 percent credit support for each series of notes provided by the irrevocable direct-pay letters of credit issued by Canadian Imperial Bank of Commerce, Corestates Bank, N.A., Morgan Guaranty Trust Co. of New York, and PNC Bank, N.A.
 The rating is contingent on Fitch's receipt and acceptance of final documents relating to this transaction.
 All notes will mature June 15, 1994 and will not be redeemable prior to maturity. Principal and accrued interest will be paid on the maturity date with draws on the letters of credit.
 -0- 6/29/93
 /CONTACT: Rita Duggan, 212-908-0628, of Fitch/


CO: City of Philadelphia ST: Pennsylvania IN: SU: RTG

LR -- NY074 -- 6833 06/29/93 15:42 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
Words:155
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