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TEXAS $65.4 MILLION GENERAL OBLIGATION BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 15 /PRNewswire/ -- The State of Texas's $65.4 million General Obligation Bonds Series 1993 A, being offered by the Texas Public Finance Authority for bids on Jan. 19, are rated AA+' by Fitch. The credit trend is stable. The authority acts as issuer for the state. The new bonds will be due Oct. 1, 1993-2012 and callable beginning Oct. 1, 2002, at par.
 Texas has excellent credit characteristics. Tax-supported debt represents a low burden on resources and the extensive economy continues to diversify and grow. Financial operations are approached conservatively, and recent results have outperformed projections. The state does, however, still face a major problem in devising a plan for school finance which will be acceptable to the Texas Supreme Court.
 Texas is the third most populous of the states and its economy, historically dependent on petroleum and agriculture, has become broader and more diversified. A solid recovery followed the severe oil-induced recession of the early and mid-1980s. Texas has been less affected by the current recession than most states, with employment continuing to increase moderately and personal income growth outpacing the nation.
 State revenues have reflected economic trends. Financial operations in 1991-1992 were more favorable than expected, and tax collections for the first quarter of the current fiscal year are ahead of projections. For the biennium which begins on Sept. 1, 1993, revenue growth of about 5 percent has been officially estimated. The budget for the period is expected to be premised on these available revenues, without increases in taxes.
 Nearly half of the state's gross debt is self supporting from program revenues, resulting in low debt ratios. Net tax-supported debt of $2.1 billion is equal to $128 per capita, 0.3 percent of estimated full value, and 0.7 percent of personal income.
 -0- 1/15/93
 /CONTACT: Claire Cohen of Fitch, 212-908-0552/


CO: State of Texas ST: Texas IN: SU: RTG

WB -- NY032 -- 5308 01/15/93 11:19 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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