Printer Friendly

UTAH $84.9 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 UTAH $84.9 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 25 /PRNewswire/ -- The State of Utah's $84.9 million general obligation bonds, to be offered for bids on Dec. 3, are rated "AAA" by Fitch. The "AAA" rating assigned to $246.3 million outstanding general obligations is affirmed. The credit trend remains stable. The new bonds will be in four series: $16.0 million Series 1991D, $21.0 million Series 1991 E, $9.2 million Series 1991 F and $38.7 million Series 1991 G. Series D, due July 1, 1997, will refund two existing lease obligations originally issued by local units while Series E due July 1, 1993, will refund a portion of Series 1986 general obligations. Series F and G will be due July 1, 1998, and will provide funds for various purposes. The bonds are not callable.
 The high quality of Utah's general obligation credit standing directly reflects the small amount, short tenure, and modest burden of its debt, as well as its conservative financial operations and economic gains of recent years.
 After the current sale, net tax-supported debt will amount to $377.6 million, or $219 per capita and 1.6 percent of personal income, indicating a low debt load. All of the general obligation debt is due by July 1, 1998, a very rapid amortization schedule.
 Utah's financial operations were favorable in the past fiscal year, with undesignated surplus of over $29 million at June 30, 1991; $56 million was held in reserve as well. Revenue growth was moderate and this trend is expected in 1991-92 as well, with general and school fund revenues estimated to rise about 4 percent. Tax collections to date are reported to be in line with estimates.
 Unlike many other states, Utah continues to have an expanding economy. Employment is still rising and in July 1991, a gain over a year earlier of 3.2 percent was registered, compared with a decline of 1.1 percent for the United States. The unemployment rate in October for the state was 5.1 percent, well below the national rate of 6.8 percent. Personal income had been growing rapidly but the rate has now slowed, although it remains well above that for both the country and the Rocky Mountain region.
 -0- 11/25/91
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: Utah IN: SU: RTG


SH -- NY062 -- 6968 11/25/91 15:31 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1991
Words:411
Previous Article:RICHARD S. BARTLETT NAMED KODAK IMAGING GROUP COMMUNICATIONS DIRECTOR
Next Article:FIRST CHARTER CORPORATION DECLARES DIVIDEND


Related Articles
OREGON REFUNDED BONDS RATED 'AAA' -- FITCH FINANCIAL WIRE --
NEW JERSEY $450 MILLION GENERAL OBLIGATION BONDS 'AAA', NOTES 'F-1+/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
COOK COUNTY, ILL. $30 MILLION REFUNDED BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
HOWARD CO. (MD.) GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
OREGON REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
UTAH $85 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
TENNESSEE $120.1 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
GEORGIA $291.9 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
STATE OF UTAH $5.5 MILLION GO LOAN RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
STATE OF UTAH $35.2 GO REFUNDING BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters