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VIRGINIA'S $100 MILLION G.O. BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 30 /PRNewswire/ -- The Commonwealth of Virginia's $100 million public facilities bonds, 1993 Series A, offered for bids on Jan. 6, are rated 'AAA' by Fitch. The 'AAA' rating assigned to $597.6 million outstanding general obligations is affirmed. The credit trend remains stable. The new general obligations will mature June 1, 1994- 2013 and are callable beginning June 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 five months of 1992-93, revenues are exceeding estimated levels and there are other indications of returning stability.
 The new bonds, for educational institutions, mental health facilities and parks and recreation, are the first installment of $612.9 million general obligations approved by the voters in November 1992. Net tax supported debt of the Commonwealth remains low in relation to its resources, at $272 per capita and 1.3 percent of personal income. Even including all authorized but unissued debt, ratios remain low.
 Evidence of the recession remains in Virginia, but the rate of employment loss is lower and personal income is showing better growth. The unemployment rate, at 5.4 percent in October, remains well below the national rate.
 -0- 12/30/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: Commonwealth of Virginia ST: Virginia IN: SU: RTG

AH -- NY046 -- 0731 12/30/92 17:23 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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