Fitch Investors Service yesterday <

assigned a AAA rating to a $10.3 million Summit, N.J., general obligation deal scheduled for a June 3 competitive sale.

"Exceptionally strong credit <

quality derives from Summit's low debt burden on a large tax base, excellent finances, and high wealth levels," Fitch says in a statement announcing the rating.

Summit, which lies 20 miles west <

of New York City, is largely residential, but has several large commercial and service industries.

The U.S. research and corporate <

headquarters of Ciba-Geigy Corp., a chemicals and pharmaceutical company and a subsidiary of Ciba-Geity Ltd. of Switzerland, is located in the city and is undergoing a large capital facilities expansion.

Summit's per-capita income levels <

are more than two times the state and national averages, Fitch says, and unemployment rates are low.

The city has authority to issue <

another $2.9 million in bonds and is likely to use the proceeds to construct a new library. The overall debt burden of 1.2% on the large tax base is low, Fitch says, although per-capital debt levels are moderate.

A 1991 fund balance of $6.3 million <

represents 17% of municipal revenues and school district taxes, Fitch says.

Summit also has a Aaa rating <

from Moody's Investors Service, and Standard & Poor's Corp. rates the city AA-plus.


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