VERMONT REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
VERMONT REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH
-- FITCH FINANCIAL WIRE --
NEW YORK, Dec. 19 /PRNewswire/ -- Certain maturities of Vermont's $53.4 million general obligation bonds, dated June 1, 1983 and $22.6 million general obligation bonds, dated Aug. 1, 1985, are raised to 'AAA' from 'AA' by Fitch. The refunded bonds include $10 million of the Series 1983 bonds maturing on Jan. 1, 1994 through Jan. 1, 1997 and $10.6 million of the Series 1985 bonds maturing on Sept. 1, 1996 through Sept. 1, 2004.
The 'AAA' rating reflects the fact that the refunded bonds are now secured by an irrevocable escrow comprised of cash and direct, non- callable obligations of the U.S. Government. Escrowed securities will be sufficient to pay interest, principal and the redemption price of the refunded bonds to the first call date. The Series 1983 refunded bonds will be called for early redemption on Jan. 1, 1993 at 102.5 percent of par. The Series 1985 refunded bonds will be called on Sept. 1, 1995, also at 102.5 percent of par. The mathematical accuracy of the escrow has been verified by an independent certified public accountant.
/CONTACT: Andy Matteis of Fitch, 212-908-0501/ CO: State of Vermont ST: Vermont IN: SU: RTG SM -- NY038 -- 3858 12/19/91 11:41 EST