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MOODY'S ASSIGNS 'A1' RATING TO NEW YORK STATE THRUWAY AUTHORITY REVENUE BONDS CITES STRONG FINANCIAL OPERATIONS

 MOODY'S ASSIGNS 'A1' RATING TO NEW YORK STATE THRUWAY AUTHORITY
 REVENUE BONDS CITES STRONG FINANCIAL OPERATIONS
 NEW YORK, Aug. 6 /PRNewswire/ -- Moody's Investors Service has assigned an "A1" rating to New York State Thruway Authority bonds in conjunction with the sale of $350,000,000 general revenue bonds, Series A expected to be sold through negotiation the week of Aug. 10. In assigning the rating, Moody's said, "This extensive and critical toll road system serves a diverse geographic area and customer base. Financial operations of the authority are strong with ample debt service coverage both historically and on a projected basis. However, the expanded economic development role of the Thruway which is reflected in recently passed legislation and this new bond resolution must be carefully managed in order to protect the integrity of the Thruway system and maintain upper medium grade security. The level of additional borrowing which is currently projected appears reasonable. Nonetheless, and significant shift away from the Thruway Authority's primary mission of operating and maintaining the state's toll road system to a role of financing other transportation-related economic development projects may be cause for concern. This issue refunds all outstanding Thruway revenue bonds as well as provides new money for both Thruway capital needs and other non-Thruway related projects.
 -0- 8/6/92
 /CONTACT: Marie S. Pisecki, 212-553-7120, Michael Johnston, 212-553-7810, both of Moody's/ CO: New York State Thruway Authority ST: New York IN: SU: RTG


SM-LD -- NY093 -- 7752 08/06/92 16:46 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
Words:248
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