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MOODY'S ASSIGNS 'MIG 2' RATING TO $2.3 BILLION NEW YORK STATE 1992 TAX AND REVENUE ANTICIPATION NOTES

 MOODY'S ASSIGNS 'MIG 2' RATING TO $2.3 BILLION NEW YORK STATE
 1992 TAX AND REVENUE ANTICIPATION NOTES
 NEW YORK, April 20 /PRNewswire/ -- Moody's Investors Service today assigned a 'MIG 2' rating to New York State's planned offering of $2.3 billion tax and revenue anticipation notes to be dated April 28, 1992, and maturing $300 million Sept. 30, 1992, $550 million Dec. 31, 1992, and $1.45 billion March 31, 1993. The notes are expected to be sold on April 23.
 A cushion afforded by internal sources of liquidity, including the short-term investment pool, and apparently reasonable revenue estimates provide adequate margins for note repayment. But New York State's history of operating deficits and the narrowness of projected financial plan balance contribute to uncertainties and are acknowledged in the assigned rating.
 The reduction in size of this year's note issue, like last year's reduction, reflects compliance with the requirements of long-term borrowings by New York's Local Government Assistance Corporation which are intended eventually to eliminate the need for the state's annual spring short-term borrowing.
 -0- 4/20/92
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0388, both of Moody's/ CO: ST: New York IN: SU: RTG


SM -- NY090 -- 0284 04/20/92 18:07 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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