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NEW YORK CITY'S ADJUSTABLE RATE BONDS GOs 1994 SERIES E-2 THRU E-6 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- The City of New York's general obligation bonds, fiscal 1994 series E, $231 million adjustable rate bonds are rated as follows by Fitch: subseries E-2 "AA/F-1+"; subseries E-3 "AAA/F-1+"; subseries E-4 "AA/F-1+"; subseries E-5 "AA-/F-1+"; and subseries E-6 "AAA/F-1+". The ratings are based on 100% credit support for each subseries provided by, respectively, Industrial Bank of Japan, Morgan Guaranty Trust Co., State Street Bank & Trust Co., Sumitomo Bank, Ltd., and Financial Guaranty Insurance Co. Securities Purchase, Inc. The credit support is in the form of letters of credit from the banks and bond insurance and liquidity from FGIC/SPI. The credit facilities are separate obligations of each provider for each subseries.
 The fixed-rate portion of New York City's fiscal 1994 series E&F bonds was rated "A-" by Fitch on Dec. 6, 1993 based on the city's general obligation pledge. The bonds sold Dec. 7 through negotiation with a Prudential Securities Inc.-led syndicate.
 -0- 12/29/93
 /CONTACT: David R. Howard of Fitch, 212-908-0677/


CO: City of New York ST: New York IN: SU: RTG

SP -- NY021 -- 7803 12/29/93 13:03 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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