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PRINCE GEORGE'S COUNTY (MD.) GENERAL OBLIGATION BONDS RATED 'AA-', ON FITCHALERT -- FITCH FINANCIAL WIRE --

 PRINCE GEORGE'S COUNTY (MD.) GENERAL OBLIGATION BONDS RATED 'AA-',
 ON FITCHALERT -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 7 /PRNewswire/ -- Prince George's County, Md.'s $55 million general obligation bonds consolidated public improvement bonds, 1992A refunding series are rated "AA-" by Fitch. The county's general obligation bonds are placed on FitchAlert with negative implications due to a measure on the
November ballot. The bonds are being offered through negotiation by a syndicate led by PaineWebber Inc. on or about October 14.
 Financial conditions has been improving despite previous and proposed state aid reductions. The county substantially exceeded original deficit reduction targets last fiscal year and, to a lesser extent, in the current year's adopted budget. Furthermore, income tax revenues for the current fiscal year are now projected well in excess of budget, which should largely offset the current round of state aid cuts. Such accomplishments are a direct result of the county's effective management and conservative budgeting.
 Debt factors are positive, with low levels and rapid principal amortization. While the recession affected real estate values in the Washington metropolitan area, the effect has been less severe in Prince George's County, with the real estate market recently showing improvement. Longer term economic growth trends and prospects are favorable. However, the timing and strength of area as well as national economic recovery is still in question.
 The FitchAlert designation solely reflects concern over a measure on the November ballot which would amend the current county charter property tax rate limitation by restricting property tax revenue increases to the lesser of 5 percent or the area consumer price index increase. Furthermore, the limitation includes revenue growth due to new construction. If passed, such a limitation would significantly reduce revenue growth and impact the county's long-term credit quality. The alert also applies to Series 1992 bonds issued for the county by the Maryland Local Government Insurance Trust.
 -0- 10/7/92
 /CONTACT: Richard Raphael, 212-908-0506, or Colleen Woodell, 212-908-0507, both of Fitch/ CO: Prince George's County ST: Maryland IN: SU: RTG


TS -- NY031 -- 7451 10/07/92 12:16 EDT
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Publication:PR Newswire
Date:Oct 7, 1992
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