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TEXAS A&M UNIVERSITY SYSTEM $4.1 MILLION REVENUE FINANCING BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 24 /PRNewswire/ -- The board of regents of the Texas A&M University System's $4.1 million revenue financing system refunding bonds, series 1993C are rated 'AA' by Fitch. The credit trend is stable. The system's approximately $233 million outstanding 'AA/F-1+' revenue financing system indebtedness is affirmed. The series 1993C bonds are scheduled to be sold on a negotiated basis by George K. Baum and Co. the week of Oct. 4, 1993. Proceeds of the series 1993C bonds will be used to refund all outstanding Texas A&M University tuition revenue bonds, series 1973 and 1974.
 The system's credit strengths include solid operating results and substantial unrestricted reserves approximating 160% of revenue- supported debt, strong enrollment trends, and a modest debt burden. The system also benefits from its prominent position within the state system of higher education and prevalence of alumni within the state. Furthermore, Texas A&M benefits substantially from its one-third interest in the Permanent University Fund, with a book value of $3.6 billion.
 Credit concerns include an increasing reliance on tuition and fees, indirect cost recovery funds, and other sources of revenue as substantially higher levels of state support are not expected. In addition, strong student demand for system institutions continues to pressure operating costs.
 -0- 9/24/93
 /CONTACT: Jerry Solomon, 212-908-0557, or Claire Cohen, 212-908-0552 of Fitch/


CO: Texas A&M University ST: Texas IN: SU: RTG

SH -- NY062 -- 5513 09/24/93 15:24 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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