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SUFFOLK COUNTY, N.Y. $225 MILLION TANs 1992 TO BE RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

SUFFOLK COUNTY, N.Y. $225 MILLION TANs 1992 TO BE RATED 'F-1+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 18 /PRNewswire/ -- Fitch expects to rate Suffolk County, N.Y.'s $225 million tax anticipation notes, 1992 (NPA Series I) "F-1+". The rating is based on the 100 percent direct pay letters of credit issued by Mitsubishi Bank, ABN-AMRO Bank, N.V., Sumitomo Bank, Ltd., and Sumitomo Trust and Banking Co., Ltd., and is subject to the review of final documents and legal opinions. The bank commitments are several, not joint.
 The notes will be dated Jan. 2, 1992, and are payable on Dec. 8, 1992. Principal and interest accrued between Jan. 2, 1992, and Dec. 8, 1992, are both due at maturity. The notes will not be redeemable prior to maturity. The letters of credit cover the period through the maturity of the notes.
 The notes are being issued in anticipation of the collection of real property taxes and assessments levied for county purposes for the fiscal year beginning Jan. 1, 1992. The proceeds will provide funds to meet cash flow deficits which result from the timing mismatch between the dates fixed by law for the collection of property taxes and the expected operating needs of the county.
 -0- 12/18/91
 /CONTACT: Gracen Fraser of Fitch, 212-908-0520/ CO: Suffolk County, N.Y. ST: New York IN: SU: RTG


GK -- NY017 -- 3319 12/18/91 10:18 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 18, 1991
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