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WEST VIRGINIA $58.8 MILLION G.O. HIGHWAY BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 WEST VIRGINIA $58.8 MILLION G.O. HIGHWAY BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 9 /PRNewswire/ -- West Virginia's $58.75 million general obligation highway refunding bonds, 1992 Series A, are rated "A+" by Fitch. The rating also applies to approximately $320 million general obligations which will be outstanding after this transaction. The credit trend is stable. The new bonds are expected during the week of July 13 through negotiation with a syndicate comprised of PaineWebber Inc., Merrill Lynch & Co., and Ferris, Baker Watts, Inc. They will mature on Feb. 1, 1993-2006.
 West Virginia's general obligation bonds are well secured. Only a minor amount of outstanding school bonds are payable from the general fund and, when combined with requirements for other obligations met from appropriations, debt service represents only a moderate burden on the fund's resources. The bulk of general obligation debt, including the new bonds, is payable from the State Road Fund, which receives constitutionally dedicated highway related revenues. Resources of the fund are ample to support debt service.
 The state has reduced its debt to a level which is considered moderate, at $493 per capita, 1.4 percent of full value, and 3.5 percent of personal income. Financial and administrative improvements have been introduced in recent years to combat serious problems and operations are now stable.
 The economy is weak and reflects the decline over the past decade in both the mining and manufacturing sectors. Economic indicators fall short of national averages. Some positive developments have occurred, particularly in the relocation here of several federal facilities, and tourism continues to have potential.
 Credit prospects for the state depend on the continuation of the stabilizing financial improvements and on economic evolution.
 -0- 7/9/92
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/ CO: ST: West Virginia IN: SU: RTG


GK -- NY084 -- 8054 07/09/92 17:33 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:314
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