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MOODY'S ASSIGNS 'MIG 1' RATING TO BUFFALO, N.Y., BUDGET NOTES; CITES FINANCING AGREEMENT WITH CANADIAN IMPERIAL BANK OF COMMERCE

 MOODY'S ASSIGNS 'MIG 1' RATING TO BUFFALO, N.Y., BUDGET NOTES;
 CITES FINANCING AGREEMENT WITH CANADIAN IMPERIAL BANK OF COMMERCE
 NEW YORK, April 30 /PRNewswire/ -- Effective today, Moody's Investors Service assigned a "MIG 1" rating to $17.077 million in budget notes of the city of Buffalo, N.Y., to be sold through negotiation today. Moody's had been awaiting finalization of the financing agreement with Canadian Imperial Bank of Commerce under which the bank will provide an amount sufficient to pay the principal and interest on the notes in the event that the city has insufficient funds.
 The current offering is being issued to fund a portion of an estimated $19 million deficit in the city's general fund in fiscal 1992, resulting from a rapid and unexpected erosion of the city's financial position. The notes are secured by the city's general obligation, unlimited tax pledge and, under state statute, the city is required to provide for the payment of principal and interest on the notes in its fiscal 1993 budget. Cash flow projections for fiscal 1993 are subject to numerous uncertainties and it cannot be determined at this time whether the city will have sufficient cash on hand to pay the entire amount of principal and interest at maturity.
 -0- 4/30/92
 /CONTACT: Marie S. Pisecki, 212-553-7120, or Michael Johnston, 212-553-7810, both of Moody's/ CO: City of Buffalo ST: New York IN: SU: RTG


GK-TQ -- NY078 -- 5017 04/30/92 14:02 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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