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REGIONAL CONVENTION & SPORTS COMPLEX (MO) $176.7 MILLION 'AA'/'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 3 /PRNewswire/ -- Regional Convention and Sports Complex Authority, Missouri's project and refunding bonds are rated by Fitch as follows: $118.8 million series A 1993 "AA" and $57.9 million series B "A+." The outstanding $59.4 million "BBB-" series C 1991 issue, payable by the city of St. Louis and not being refinanced at this time, is affirmed. The new bonds are expected by negotiation through Smith Barney Shearson Inc. on or about Dec. 7.
 The bonds are limited obligations of the authority; each series is separately secured by payments to be made pursuant to a financing agreement. Respective sources of payment are annual appropriations of each unit of government.
 The state created the authority to construct the project. Although the National Football League's decision not to award a franchise to St. Louis represents a disappointment, the project's role as an expansion of the current convention center remains in place. The ratings assigned to the respective series of bonds reflect the credit characteristics of each of the payors under the financing agreement.
 Missouri's general obligation bonds are rated "AAA," primarily reflecting the state's very conservative approach to debt and its long record of balanced financial operations. The county's general obligation bonds are rated "AA+," reflecting low debt levels, sound financial operations, and a broad economic base able to absorb large cutbacks of two of its major employers. Additionally, voter authorization of a hotel-motel tax cushions the budgetary impact of this financing.
 The city's general obligation rating is "BBB," reflecting long-term population and employment retrenchment, although recognizing the maintaining of the city as a viable downtown business and service center and recent economic improvement. While operating and capital budget funding constraints have been ongoing, voters recently authorized two new taxes for operating and capital purposes. Furthermore, the city has consistently maintained balanced financial operations.
 -0- 12/3/93
 /CONTACT: Richard Raphael, 212-908-0506, or Claire Cohen, 212-908-0552, both of Fitch Financial Wire/


CO: Regional Convention and Sports Complex Authority ST: Missouri IN: SU: RTG

PS -- NY059 -- 0323 12/03/93 15:29 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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