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MASSACHUSETTS BAY TRANSPORTATION AUTHORITY $170 MILLION NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 MASSACHUSETTS BAY TRANSPORTATION AUTHORITY $170 MILLION
 NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 23 /PRNewswire/ -- Massachusetts Bay Transportation Authority's (MBTA) $170 million 1992 Series C Notes, dated Oct. 1, 1992 and due Oct. 1, 1993, are rated "F-1" by Fitch. The notes are expected to be offered through negotiated sale on Sept. 24 with a syndicate led by Morgan Stanley & Co. Inc. The rating on $185 million 1992 Series B notes, dated March 2, 1992 and due March 2, 1993, is upwardly revised to "F-1". Proceeds from these note issues will be used to finance current operating expenses of the MBTA prior to certification to the commonwealth of the actual amount required to meet the MBTA's calendar 1992 net cost of service.
 The rating on these notes reflects the improving financial condition of the commonwealth, with the successful completion of two years of balanced operations and a fully funded 1992-93 budget. Security rests directly on the commonwealth of Massachusetts, which has a statutory obligation requirement to provide funds at any time to meet any needed MBTA debt service payment. All MBTA obligations thus represent a general obligation payment requirement of the commonwealth and unpaid debtholders' rights represent a claim enforceable against the commonwealth.
 The commonwealth has long evidenced financial support and commitment to the MBTA's debt obligations and operations, even through the worst of its financially constrained periods. Operating subsidies, including nonstatutory contract assistance requiring legislative approval, have steadily enlarged. Market access of the MBTA, and the commonwealth, has not been impacted, and is further assured with the commonwealth's stabilized financial outlook.
 -0- 9/23/92
 /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


TS -- NY045 -- 2604 09/23/92 11:34 EDT
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Date:Sep 23, 1992
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