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NEW YORK CITY TANS RATED 'F-1+', RANS 'F-1+' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

 NEW YORK CITY TANS RATED 'F-1+', RANS 'F-1+' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, June 19 /PRNewswire/ -- New York City will offer $700 million general obligation tax anticipation notes fiscal 1993 series A and $700 million general obligation revenue anticipation notes fiscal 1993 series A for competitive bids on June 25. Both issues are rated 'F-1+' by Fitch.
 New York City is offering both TANs and RANs with the expectation that the city's cash flow needs will be met in its entirety with the sale of these obligations. Improved cash management, a more even flow of revenues from the state, and a generally more stable financial position have enabled the city to reduce its operating borrowing this year by 40 percent from last year's level. Although the city's economic and budget problems persist, the likelihood of these problems interfering with the security on either the TANs or RANs is extremely remote.
 Strong and longstanding legal protections provide the highest quality security to the TANs. Ample coverage of note debt service is provided by property taxes receivable in the month designated for set aside of monies, assuring the moneys will be available for deposit into the separately held repayment accounts. The notes remain a modest percentage of pledged revenues and despite the economic slowdown, collections have been maintained at good levels.
 The RANs are secured primarily by various components of state aid received during the month of the note maturity. Longstanding concerns surrounding the timeliness of the adoption of the state budget and subsequent completion of the annual spring borrowing, both of which have traditionally been crucial to note repayment, have been eased by the performance of the Local Government Assistance Corp. In addition, again this year, the city is preparing contingency plans to deal with the possibility of late state budget adoption. Coverage of note repayment in the month of maturity is good.
 -0- 6/19/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: City of New York ST: New York IN: SU: RTG


TQ -- NY058 -- 2015 06/19/92 15:21 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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