Printer Friendly

PHILADELPHIA SCHOOL DISTRICT NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 PHILADELPHIA SCHOOL DISTRICT NOTES RATED 'F-1' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 25 /PRNewswire/ -- The Philadelphia School District's annual cash flow notes are rated 'F-1' by Fitch. The district will offer $155 million Tax and Revenue Anticipation Notes, Series of 1992-93 through negotiation with Merrill Lynch the week of Aug. 31. The notes will mature on June 30, 1993.
 Philadelphia School District continues to outperform its estimates in terms of actual budget performance and cash position. The notes are well secured by strong cash flows and good legal protections; risks to the cash flow are minimal since both taxes and commonwealth aid are extremely predictable and rarely subject to mid-year fluctuations. Late state aid payments have been absorbed within the school district's own cash balances, and no additional borrowings have been needed. Economic pressures have been reflected only marginally in local source revenues as a result of accurate estimates of the strength of the downturn. Excellent internal controls and budget management also minimize the risk of cash flow aberrations.
 Budget balance, including use of fund balance, is once again expected to be achieved despite previous projections of shortfalls for the current fiscal year as well as next year. The level of borrowing has also declined this year and accounts for about 12 percent of total revenues.
 -0- 8/25/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Philadelphia School District ST: Pennsylvania IN: SU: RTG


PS -- NY064 -- 3119 08/25/92 15:24 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1992
Words:246
Previous Article:SOUTHERN CALIFORNIA HOTELS FARED BETTER THAN MOST; HOST REPORT SHOWS PAYROLL CUTS HELP OFFSET NATIONWIDE INDUSTRY LOSSES
Next Article:IBM AND POLICY MANAGEMENT SYSTEMS EXTEND MARKETING AND DEVELOPMENT ALLIANCE


Related Articles
COLORADO TAX REVENUE ANTICIPATION NOTES RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
PHILADELPHIA SCHOOL DISTRICT TAX AND REVENUE ANTICIPATION NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --
Oklahoma Bond Guarantee Program Rated 'AAA' By Fitch -- Fitch Financial Wire --
Cedar Hill Independent School District, Texas $24.3 Million Refunding Bonds Rated 'AAA' by Fitch -- Fitch Financial Wire --
Philadelphia PA Schl Dist GOs Rated A+ by Fitch IBCA.
Fitch Report Notes Recent Boost In AZ School Bond Ratings.
Fitch Rates Philadelphia, PA Sch Dist GOs `A+'.
Fitch Rts DVI Receivables XIV L.L.C. 2001-1 $315MM Of Secs.
Fitch Rates $462.4MM DVI Receivables XVIII L.L.C. 2002-2.
Fitch Rates $453.7MM DVI Receivables XIX L.L.C. 2003-1.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters