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SAN FRANCISCO (CA) $161.7 MILLION GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 SAN FRANCISCO (CA) $161.7 MILLION GO BONDS RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 7 /PRNewswire/ -- San Francisco, Calif.'s $161.7 million general obligation bonds selling competitively on May 20 are rated 'AA' by Fitch. The 'AA' rating on about $403 million outstanding general obligation bonds is affirmed. The four series of bonds being sold (Series 1992A-D) mature serially June 15, 1993-2012 and are callable on or after June 15, 2001, at 102 percent and declining thereafter. The credit trend is stable.
 The city's role as a major economic center constitutes a positive long-term credit base. While potentially high levels of capital projects may be considered in upcoming bond elections, the city's current debt levels are low relative to its large property tax base. The recession has had less of an impact here than in other parts of the state, although it has affected the city's budget. Measures have been implemented, pursuant to charter requirement, to assure fiscal year-end balance.
 The recent disturbances following the reaction to the Rodney King verdict were short lived and property damage and budget costs are not large. The city is grappling with closing a projected budget gap for next year of as much as $148 million, or about 11 percent of its budget, partly reflecting required salary increases, including repayment of this year's salary deferrals. The mayor is developing a budget to close this gap which will be submitted to the board of supervisors in early June.
 -0- 5/7/92
 /CONTACT: Richard J. Raphael of Fitch, 212-908-0506/ CO: City of San Francisco ST: California IN: SU: RTG


KD -- NY090 -- 7735 05/07/92 15:03 EDT
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Publication:PR Newswire
Date:May 7, 1992
Words:278
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