Printer Friendly

VIRGINIA'S $100 MIL GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 8 /PRNewswire/ -- Virginia's $100 million General Obligation Public Facilities Bonds, 1993 Series B offered for bids on June 16, are rated 'AAA' by Fitch. The $727.5 million outstanding 'AAA' general obligations are affirmed. The credit trend remains stable.
 The new bonds include $81,691,305 for educational institutions, $8,433,169 for mental health facilities, and $9,875,526 for park and recreational facilities. All are part of a 1992 authorization of $612,944,000, of which $100 million were issued in January. The new bonds are due Dec. 1, 1994-2013, and are callable beginning Dec. 1, 2003, at 102 percent.
 Virginia's substantial resources, conservative approach to financial operations, and careful attention to both the level and security of its debt obligations provide superior protection to bondholders. Despite the severe effect of the recession on commonwealth revenues, prompt and effective actions were taken to maintain financial balance and operations in 1991-92 were somewhat more favorable than expected. For the first 10 months of 1992-93, revenues are exceeding estimated levels.
 Net tax-supported debt of the commonwealth remains low in relation to its resources, at $290 per capita and 1.4 percent of personal income. Even including all authorized but unissued debt, ratios remain low.
 Evidence of economic recovery is apparent in Virginia, with employment rising and personal income showing better growth. The unemployment rate, at 5.2 percent in March remains well below the national rate.
 -0- 6/8/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: Virginia IN: SU: RTG

TM -- NY090 -- 6766 06/08/93 17:54 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 8, 1993
Words:265
Previous Article:SHAW INDUSTRIES RESPONDS TO LAWSUIT REPORTS
Next Article:HEALTHCARE COMPARE CORP. ANNOUNCES STOCK REPURCHASE PROGRAM
Topics:


Related Articles
VIRGINIA ELECTRIC $680 MILLION SENIOR DEBT RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC SCHOOL AUTHORITY'S $68.4 MIL BONDS RATED 'AA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
CAPSTEAD SEC. CORP. IV $200 MIL. CMO SER. 1992-VII 'AAA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
VIRGINIA $103.9 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
WESTERN RESOURCES $100 MIL. 1ST MTGE. BONDS 'A-' BY FITCH --FITCH FINANCIAL WIRE--
RIVERSIDE COUNTY HOUSING AUTHORITY COLLATERALIZED LETTER OF CREDIT BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SAN ANTONIO, TEXAS' REFUNDED BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA ELECTRIC $100 MIL. PFD. STOCK RATED 'A' BY FITCH --FITCH FINANCIAL WIRE --
VIRGINIA'S $24.4 MILLION G.O. BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA'S $100 MILLION G.O. BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters