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MOODY'S ASSIGNS 'MIG2' RATING TO COMMONWEALTH OF MASSACHUSETTS NOTE OFFERING

 MOODY'S ASSIGNS 'MIG2' RATING TO
 COMMONWEALTH OF MASSACHUSETTS NOTE OFFERING
 NEW YORK, June 22 /PRNewswire/ -- Moody's Investors Service has assigned a 'MIG2' rating to an issue of $240 million general obligation notes, 1992 Series A, expected to be sold by the commonwealth of Massachusetts on June 23. The notes are being issued to reimburse the commonwealth for payments made to the Massachusetts Bay Transportation Authority for the MBTA's calendar year 1991 net cost of service.
 A general obligation pledge of the commonwealth secures the payment of these notes.
 Commonwealth efforts in the last year to address underlying budgetary imbalance offer the prospect of greater financial stability in the future. These include the enactment of a fiscal 1992 budget based on conservative revenue assumptions, initiatives seeking to achieve long-term savings through changes in operating and capital programs, and development of a consensus revenue-estimating process.
 Subsequent increases in this year's revenue estimate for the commonwealth, which stand in contrast to a pattern of shortfalls in most other states, are evidence of the initial benefits produced by these efforts. But even though fiscal 1992 is now expected to end with positive budgetary fund balances, these will be reduced from the prior- year level, as was expected at the time of budget enactment.
 Risks to financial improvement are still posed by economic stress, continuing spending pressures and the uncertainty of savings expected from program changes. Absence of an enacted budget for the period in which these notes mature is also acknowledged in the rating now assigned.
 -0- 6/22/92
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: Commonwealth of Massachusetts ST: Massachusetts IN: FIN SU: RTG


CK-PS -- NY034 -- 2363 06/22/92 11:45 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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