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SUFFOLK COUNTY N.Y. BOND ANTICIPATION NOTES RATED 'F-1' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

 SUFFOLK COUNTY N.Y. BOND ANTICIPATION NOTES RATED 'F-1' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, May 8 /PRNewswire/ -- Suffolk County (N.Y.)'s bond anticipation notes and capital notes are rated 'F-1' by Fitch. The county will offer $16.4 million bond anticipation notes, 1992 and $835,000 capital notes, 1992 (series B) through negotiation the week of May 18, with Prudential Securities.
 Suffolk County's bond anticipation notes are well secured by the county's general obligation pledge and its established ability to enter the both the long- and short-term markets. Market access has been available to the county on an ongoing basis, despite its now chronic and well publicized financial problems. Last year, during the times of peak fiscal distress, the county successfully sold notes, but at a much higher than market rate. In addition, bonds were sold with insurance at bidders' option. Since then, access has been easier and rates have been more reflective of market conditions.
 The county has experienced significant budget problems in recent years that have weakened both its financial and cash condition. The county has suffered from the recession, reduced state aid, and a difficult political situation. As a result, operating deficits continue to occur, requiring constant monitoring as well as continuing executive and legislative actions to attempt to maintain balance.
 -0- 5/8/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Suffolk County, N.Y. ST: New York IN: SU: RTG


TQ -- NY013 -- 7970 05/08/92 09:12 EDT
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Publication:PR Newswire
Date:May 8, 1992
Words:248
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