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MASSACHUSETTS $240 MILLION GO NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 18 /PRNewswire/ -- Massachusetts' $240 million general obligation notes, 1993 Series A, are rated 'F-1' by Fitch. The notes are expected by negotiation March 23 through a syndicate led by Goldman, Sachs & Co. The notes will be dated March 29, 1993 and due Nov. 18, 1993.
 Steady improvement in the commonwealth's cash and financial positions continues to be evidenced in strengthening tax collections, a larger than expected cash balance at the end of this fiscal year, and a substantial reduction in operating borrowings. The better than budgeted performance to date in this year has resulted in upward revenue revisions and a substantially higher closing cash balance (at $485 million) than was originally projected.
 The notes are being issued to reimburse the Commonwealth of Massachusetts for payments made to the Massachusetts Bay Transportation Authority (MBTA) on account of portions of the 1991 and 1992 calendar years' operating deficits (net cost of service). The commonwealth is obligated to provide the MBTA with sufficient funds to meet its payments when so requisitioned, up to the level of the year's estimated net cost of service. The commonwealth receives, in its general funds in the following year (e.g. the 1991 net cost of service is included in the commonwealth's 1992-93 budget) the cost of service assessments levied by formula on the MBTA participants.
 Other than the currently outstanding $370 million commercial paper, these notes will represent the commonwealth's only outstanding operating loans, with $150 million from this issue to be used to pay down the commercial paper to the targeted level of $220 million.
 -0- 3/18/93
 /CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard 212-908-0596, both of Fitch/


CO: ST: Massachusetts IN: SU: RTG

SB -- NY085 -- 9037 03/18/93 16:47 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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