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MOODY'S ASSIGNS HIGHEST GRADE NOTE RATING TO PHILADELPHIA SCHOOL DISTRICT TRANS OF 1992-1993

 MOODY'S ASSIGNS HIGHEST GRADE NOTE RATING TO
 PHILADELPHIA SCHOOL DISTRICT TRANS OF 1992-1993
 NEW YORK, Aug. 28 /PRNewswire/ -- Effective today, Moody's Investors Service has assigned a MIG 1 rating to the School District of Philadelphia, Pa., tax and revenue anticipation notes, series of 1992- 1993. The district plans to offer $155 million of notes for sale during the week of Aug. 31, 1992; proceeds will provide resources to meet operating cash flow needs during the 1993 fiscal year.
 The district's historically strong financial management and conservative cash flow projections, moderate level of borrowing, and early segregation of funds for note repayment contribute to highest quality security. Employee contracts for the current fiscal year have not yet been settled and, as a result, compensation and benefit expenses reflected in the cash flow are not as definitely known as in past years. Nonetheless, the district has publicly stated that no employee compensation increases will be financially possible during fiscal year 1993 unless substantial personnel cost saving measures are achieved during the labor negotiation process.
 -0- 8/28/92
 /CONTACT: Cathy Krust, 212-553-7706, Dina Kennedy, 212-553-7738, both of Moody's/ CO: School District of Philadelphia ST: Pennsylvania IN: SU: RTG


PS-OS -- NY056 -- 4534 08/28/92 16:00 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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