MAC GENERAL RESOLUTION BONDS SERIES B RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
MAC GENERAL RESOLUTION BONDS SERIES B RATED 'F-1+' BY FITCH
-- FITCH FINANCIAL WIRE --
NEW YORK, Feb. 19 /PRNewswire/ -- The Municipal Assistance Corp.'s general resolution Series B Bonds are rated 'F-1+' by Fitch. MAC priced approximately $390 million in bonds today.
MAC is now offering the second issuance under its general resolution bonds. The issue matures extremely aggressively and therefore was sold in the short-term markets and is being assigned a short-term rating. Bond proceeds will be used to call the outstanding first resolution bonds. The use of funds on hand complete the refunding transaction and help to provide for the significant debt service savings being realized. Coverage remains strong, and the lien position of the general resolution bonds improves with the elimination of the first resolution debt, thus providing the highest quality security to the obligations.
/CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Municipal Assistance Corp. ST: IN: SU: RTG AH -- NY079 -- 0611 02/19/92 16:22 EST