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NEW YORK STATE $83.7 MILLION COPS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 5 /PRNewswire/ -- The State of New York's $83.7 million certificates of participation, dated Feb. 1, 1993, are rated A' by Fitch. The certificates are expected through negotiation on or about Feb. 10, through a syndicate led by First Albany Corporation. The issue matures serially semi-annually from Aug. 1, 1993 through Feb. 1, 2003. The certificates are not subject to optional redemption.
 The certificates are payable from base rentals to be made by the state pursuant to a master lease, subject to annual legislative appropriations. The lessee is the Commissioner of General Services of the Executive Department of the State. The certificates evidence proportionate interests in base rent. Appropriation risk is minimal given the central role that lease secured debt plays in the state's overall debt makeup and the master lease approach of this financing. The certificates finance the lease purchase of equipment for various state agencies and departments and units of the State University of New York.
 New York has substantial resources and its debt continues to represent only a moderate burden. Financial operations have been in deficit since 1989, originally reflecting economic uncertainty and later, a more severe recession than anticipated. Operations this year have been successful, deficit notes retired, and the general fund is expected to have a balance of at least $184 million at March 31, 1993, the fiscal year-end. The proposed budget for 1993-94 is again based on conservative assumptions and forecasts continued balance. The credit trend is now considered to be stable.
 -0- 2/5/93
 /CONTACT: Richard J. Raphael, 212-908-0506 or Claire G. Cohen, 212-908-0552, both of Fitch/


CO: ST: New York IN: SU: RTG

WB -- NY065 -- 3705 02/05/93 16:58 EST
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Date:Feb 5, 1993
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