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SUFFOLK COUNTY (NY) GENERAL OBLIGATION BONDS AFFIRMED AT 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 3 /PRNewswire/ -- Suffolk County (N.Y.)'s general obligation bonds are affirmed at "A" by Fitch. The "A" rating applies to the uninsured portion of a new issue of $189.9 million general obligation improvement (serial) bonds and to outstanding general obligations. The county is offering bonds consisting of $13.7 million 1993 Series D, $4.6 million 1993 Series E, $91.8 million 1993 Series F, and $79.8 million 1993 Series G. The bonds are being offered through negotiation by a syndicate led by Dillon Read & Co., Inc. and Prudential Securities, Inc. The credit trend is stable.
 Suffolk County continues to weather the economic and political problems that have followed it for the last few years. It now appears that the political difficulties have eased, and the economy seems to have stabilized.
 The county's ability to maintain its credit position rests with the inherent long-term strengths of the economic base and its positioning for economic and fiscal recovery. Financial operations were hard hit by the slowdown, and political disagreements on corrective measures hindered achievement of balance. However, the actual imbalances were ultimately manageable and officials estimate an operating surplus for the year recently ended. The 1993 budget, conceded to be austere, is balanced with conservative assumptions and virtually no one-time measures. Debt levels are average and capital plans are modest.
 -0- 3/3/93
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/


CO: Suffolk County ST: New York IN: SU: RTG

GK -- NY078 -- 8117 03/03/93 16:36 EST
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Publication:PR Newswire
Date:Mar 3, 1993
Words:253
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