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SUFFOLK COUNTY, N.Y., $37.5 MILLION GENERAL OBLIGATION BONDS RATED 'A' -- FITCH FINANCIAL WIRE --

SUFFOLK COUNTY, N.Y., $37.5 MILLION GENERAL OBLIGATION BONDS RATED 'A'
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 12 /PRNewswire/ -- Suffolk County, N.Y.'s $37.5 million Drinking Water Protection Program (Serial) bonds, 1991 are rated "A" by Fitch. The county will offer these general obligation bonds for bids on December 18.
 Suffolk County has, over the last few years, experienced chronic budget balancing problems as a result of both the economic slowdown and political divisiveness. In recent months, agreement was reached on a plan designed to help ensure stabilization in both this and the next fiscal year, and a budget has been prepared under the requirements of this plan, basically level funding of all non-mandated costs, with a modest property tax rate increase designed to cover current year under-appropriations.
 Despite the financial pressures, the county's underlying economic base possesses essential strength that will likely enable it to recover easily as the nation starts to move out of the recession. Debt levels are manageable, as is the capital plan. The credit trend is stable.
 -0- 12/12/91
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: ST: New York IN: SU: RTG


TS -- NY046 -- 1947 12/12/91 12:16 EST
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Publication:PR Newswire
Date:Dec 12, 1991
Words:201
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