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MOODY'S ASSIGNS HIGHEST NOTE RATING TO STATE OF CALIFORNIA'S REVENUE ANTICIPATION NOTES

 MOODY'S ASSIGNS HIGHEST NOTE RATING TO STATE OF CALIFORNIA'S
 REVENUE ANTICIPATION NOTES
 NEW YORK, Feb. 24 /PRNewswire/ -- Effective today Moody's Investors Service assigned a MIG 1 rating to $2.0 billion of State of California 1992 Revenue Anticipation Notes, Series A.
 The rating reflects strong note security provided by available borrowable resources combined with the state's ability to control year- end resource levels through budgetary adjustments. The need for timely legislative action on mid-year revenue and expenditure adjustments and the potential for delayed economic recovery pose some vulnerability to projected remaining cash flow, but resources appear sufficient even in these more pessimistic scenarios.
 -0- 2/24/92
 /CONTACT: George Leung, 212-553-0342, or James Dearborn, 212-553-1910, both of Moody's Public Finance Department/ CO: ST: California IN: SU: RTG


KD-KW -- NY085 -- 2089 02/24/92 17:29 EST
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Publication:PR Newswire
Date:Feb 24, 1992
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