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MOODY'S CONFIRMS 'A' RATING ON NEW YORK STATE GENERAL OBLIGATION BONDS

 NEW YORK, March 10 /PRNewswire/ -- Moody's Investors Service has confirmed the A' rating assigned to the State of New York general obligation bonds, in connection with the expected sale today, of $208.4 million general obligation bonds.
 The state's credit standing reflects its diverse and substantial economic base, a strength offset by structural imbalance of state finances and increasing debt levels. Chronic financial problems weigh most heavily in New York State's credit evaluation, with the state's general obligation and guaranteed debt rated A'.
 The state anticipates ending the current fiscal year with a small operating surplus, compared with deficits recorded in each of the prior five years. While the state's stringent cash condition has eased, fiscal reforms are still needed to produce recurring balance. The ability of the state to produce balanced financial operations depends on efforts to restrain spending, use of realistic revenue estimates in light of uncertain economic growth, reduced reliance on non-recurring actions, and timely budget enactment.
 Between the start of January and March 31, 1993, New York and its agencies and authorities have issued or anticipate issuing $1.259 billion of debt, exclusive of refunding issues. State general obligations, including this issue, and other state-guaranteed bonds have totaled $326 million; debt payable subject to annual appropriation and issued during this period is expected to total $933 million.
 General obligation bonds outstanding, including current offering: $5,719,400,000.
 Net tax-supported debt $25,418,000,000.
 -0- 3/10/93
 /CONTACT: George W. Leung, vice president and managing director - state ratings, 212-553-0342, or Catherine Fleischmann, assistant vice president - state ratings, 212-553-4169, both of Moody's/


CO: ST: New York IN: SU: RTG

WB-SH -- NY032 -- 4666 03/10/93 11:54 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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