Printer Friendly

VIRGINIA PUBLIC BUILDING AUTHORITY $200 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 VIRGINIA PUBLIC BUILDING AUTHORITY $200 MILLION BONDS
 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 31 /PRNewswire/ -- Virginia Public Building Authority's $200 million state building revenue refunding bonds, Series 1992 A are rated 'AA' by Fitch. This is the first time that Fitch has been requested to rate bonds issued by the authority. The new issue will include current interest bonds due in 1992-2004, with call provisions to be determined, and capital appreciation bonds due in 2005-2010; maturity date is Aug. 1. The bonds are expected Feb. 4 through negotiation with a syndicate led by BT Securities Corp. and PaineWebber Inc., and are entirely for purposes of refunding outstanding bonds.
 The authority's bonds are payable from rents received from the Commonwealth of Virginia for state office facilities and prisons. Rental payments must be appropriated by the legislature, which is also required to approve the projects financed by the authority. The lease provisions are strong and the general obligation bonds of the Commonwealth of Virginia are rated 'AAA'. Virginia has a low debt burden, a conservative approach to financial operations, and its resources are substantial. The recession continues in the state, creating financial vulnerability, but budget balancing measures have kept operations positive. The credit trend for both the Commonwealth and the Public Building Authority is stable.
 -0- 1/31/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: Virginia Public Building Authority ST: Virginia IN: SU: RTG


JT -- NY067 -- 5795 01/31/92 16:57 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 31, 1992
Words:247
Previous Article:IDAHO POWER REPORTS EARNINGS
Next Article:TWA FILES PETITION FOR REORGANIZATION AFTER REACHING ACCORD WITH NOTEHOLDERS


Related Articles
MISSOURI BOARD OF PUBLIC BUILDINGS SPECIAL OBLIGATION BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC SCHOOL AUTHORITY REFUNDING BONDS RATED 'AA' BY FITCH
DUKE POWER COMPANY $425 MILLION BOND, NOTE SHELVES RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC SCHOOL AUTHORITY'S $68.4 MIL BONDS RATED 'AA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
VIRGINIA ELECTRIC $370 MILLION SENIOR DEBT RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
MICHIGAN STATE BUILDING AUTHORITY REVENUE BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA ELECTRIC $200 MILLION PREFERRED SHELF RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER $200 MILLION SEVEN PERCENT FIRST AND REFUNDING MORTGAGE BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC SCHOOL AUTHORITY $36.59 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MASSPORT AUTHORITY 'AA' SENIOR REVENUE BOND RATING WITHDRAWN BY FITCH -- FITCH FINANCIAL WIRE --

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