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UTAH $85 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 UTAH $85 MILLION GO BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 4 /PRNewswire/ -- The State of Utah's $85.0 million general obligation bonds, to be offered for bids on June 11, are rated 'AAA' by Fitch. The 'AAA' rating assigned to $272 million outstanding general obligations is affirmed. The credit trend remains stable. The bonds are being issued in the amount of $75.5 million for building purposes and $9.5 million for highways. 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 and an additional $5.5 million GO water bond issue planned within a month, net tax-supported debt will amount to $430.5 million, or $250 per capita and 1.7 percent of personal income, indicating a low debt load. All of the general obligation debt is due by July 1, 1999, an extreme rapid amortization schedule.
 Utah's financial operations continued favorable with undesignated surplus of over $29 million at June 30, 1991; $56 million was held in reserve as well. An undesignated surplus of at least $10 million is anticipated this year, along with the reserve at its legal limit of $60 million. Moderate revenue growth is expected in 1991-92, with general and school fund revenues rising about 4 percent. Tax collections to date are reported to be in line with estimates.
 Unlike most other states, Utah continues to have an expanding economy. Employment is still rising and in March 1992, an over-the-year gain of 2.3 percent was registered, compared with a slight decline for the United States. The unemployment rate in March for the state was 4.5 percent, only 62 percent of the national rate of 7.3 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- 6/4/92
 /CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: ST: Utah IN: SU: RTG


KD -- NY084 -- 7255 06/04/92 17:47 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
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