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STATE OF UTAH $35.2 GO REFUNDING BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--

 STATE OF UTAH $35.2 GO REFUNDING BONDS RATED 'AAA' BY FITCH
 --FITCH FINANCIAL WIRE--
 NEW YORK, Aug. 7 /PRNewswire/ -- The State of Utah's $35,160,000 General Obligation Refunding Bonds, Series 1992C, is rated 'AAA' by Fitch and the 'AAA' rating assigned to $343.1 million outstanding parity bonds is affirmed.
 The bonds are expected for negotiation on Aug. 13 through a syndicate led by Smith Barney, Harris Upham & Co. Inc. The new issue is due July 1, 1994, and is not callable. The credit trend is stable. This issue will advance refund $33.9 million outstanding Series 1987B bonds, due July 1, 1994, to achieve interest cost savings.
 The high quality of Utah's general obligation credit standing directly reflects the small amount, extremely short tenure, and modest burden of its debt. Finances are managed conservatively and maintained, with a long history of timely adjustments and/or tax increases to ensure surplus. Economic gains and employment diversification have occurred in recent years and substantially offset vulnerability in the still dominant defense and aerospace industries.
 Net tax-supported debt is low, at $431.7 million, the equivalent of $251 per capita and 1.7 percent of personal income. Financial position is good, with $60 million held in the budget reserve and a $10 million surplus expected in the general fund as of June 30, 1992, a combined cushion of about 4 percent of revenues. Personal income continues to evidence strong growth, ranking 6th at 146 percent of the U.S. average from first-quarter 1991, through first quarter 1992.
 -0- 8/7/92
 /CONTACT: Claire G. Cohen, 212-908-0552 or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: ST: Utah IN: SU: RTG


TM -- NY051 -- 8201 08/07/92 17:51 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
Words:289
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