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MASSACHUSETTS BAY TRANSPORTATION AUTHORITY $145 MILLION BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 23 ~PRNewswire~ -- Massachusetts Bay Transportation Authority's (MBTA) general transportation system bonds, 1992 series C, are rated 'A' by Fitch. The bonds, dated Nov. 15, 1992, are expected to be offered through negotiation today by a syndicate led by Morgan Stanley & Co. The issue will comprise $31.05 million serials, due March 1, 1994-2005, $36.14 million terms, due March 1, 2013, and $77.45 million terms, due March 1, 2023. Both serials and terms will be subject to optional call, on dates and at prices yet to be determined. Both series of term bonds will be subject to mandatory sinking fund redemption.
 Proceeds from this issue will permanently fund $140 million bond anticipation notes, due Dec. 15, 1992, the proceeds from which were applied to the MBTA's ongoing capital program. The credit trend is stable.
 The 'A' rating assigned to the general transportation system bonds reflects the Commonwealth of Massachusetts' direct financial commitment, as well as the MBTA's integral functional role as the provider of the bulk of the state's mass transit facilities. Security for the MBTA's debt rests entirely on the commonwealth, with its statutory general obligation requirement to provide funds to meet any needed MBTA debt service payment, which it accomplishes through the incurrence of temporary loans.
 The commonwealth has long evidenced financial support and commitment to the MBTA's debt obligations and operations. Operating subsidies, including nonstatutory contract assistance requiring legislative approval, have steadily enlarged. The commonwealth's stabilized financial outlook further enhances its ability to continue the high level of support required.
 -0- 11~23~92
 ~CONTACT: Claire Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch~


CO: Massachusetts Bay Transportation Authority ST: Massachusetts IN: TRN SU: RTG

WB -- NY057 -- 0576 11~23~92 13:13 EST
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Date:Nov 23, 1992
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