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BOSTON METROPOLITAN DISTRICT (MA) BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 BOSTON METROPOLITAN DISTRICT (MA) BONDS RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 9 /PRNewswire/ -- Boston Metropolitan District (MA)'s $12.3 million General Obligation Refunding Bonds, 1992 Series A,B and C are rated 'A' by Fitch. To be offered for bids on Oct. 15, the noncallable bonds will mature serially on Dec. 1, 1993-2002.
 Although the bonds are general obligations of the district, supported by the unlimited ad valorem taxing authority of the 14 member cities and towns which bear a joint and several obligation for the district's debt, the ultimate security rests with the commonwealth. If at any time the district lacks sufficient funds for debt service, by statute it requisitions the commonwealth of Massachusetts for the required amount, the payment of which is a general obligation of the commonwealth to which its full faith and credit is pledged. Specific statutory provisions ensure lenders the aid of the courts in requiring that needed advances are made as a right enforceable against the commonwealth. Fitch rates the general obligations of Commonwealth of Massachusetts 'A'.
 Created to finance and plan rapid transit facilities for the city of Boston and 13 surrounding towns, this organizationally complex district has functioned since 1964 solely in a refunding mode. In practice, it issues bonds as necessary to meet maturities on its debt to the extent that the annual, statutorily defined payments from the Massachusetts Bay Transportation Authority (MBTA) are insufficient to meet annual principal maturities of district bonds. All interest due on the district's bonds is fully met by annual MBTA payments. The district has never been required to requisition funds from the commonwealth. The credit trend is stable.
 -0- 10/9/92
 /CONTACT: Claire G.Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch/ CO: Boston Metropolitan District ST: Massachusetts IN: SU: RTG


SH -- NY024 -- 8271 10/09/92 10:26 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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