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MASSACHUSETTS BAY TRANSPORTATION AUTHORITY $195 MILLION NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 18 /PRNewswire/ -- Massachusetts Bay Transportation Authority's (MBTA) $195 million notes dated March 2, 1993, and due March 1, 1994, are rated F-1' by Fitch. The notes are expected to be offered through negotiated sale on Feb. 23 by a syndicate led by Lehman Brothers. Proceeds of the notes will be used to finance current operating expenses of the MBTA prior to certification to the commonwealth of the actual amount required to meet calendar 1993's net cost of service.
 Security for the MBTA's debt rests directly on the commonwealth of Massachusetts, which has a statutory general 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 MBTA is the provider of the bulk of the commonwealth's mass transit service, serving some two-thirds of its population. 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 non- statutory contract assistance requiring legislature approval, have steadily enlarged. Market access is further supported by the commonwealth's stabilized financial outlook.
 -0- 2/18/93
 /CONTACT: Claire G. Cohen, 212-908-0552, or Ruth Corson Maynard, 212-908-0596, both of Fitch/


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

SM -- NY051 -- 7889 02/18/93 12:15 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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