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MOODY'S ASSIGNS MIG 1 RATING TO $50,000,000 OAKLAND, CALIFORNIA 1992 TAX AND REVENUE ANTICIPATION NOTES

 MOODY'S ASSIGNS MIG 1 RATING TO $50,000,000 OAKLAND, CALIFORNIA
 1992 TAX AND REVENUE ANTICIPATION NOTES
 NEW YORK, Oct. 2 /PRNewswire/ -- Effective yesterday, Moody's assigned a MIG 1 rating to the $50,000,000 Oakland, California's tax and revenue anticipation issue scheduled for public sale on Oct. 6. In assigning the rating, Moody's noted that highest quality security for the notes is provided by satisfactory coverage margins by available revenues and the required segregation of funds for repayment well in advance of note maturity. Further, the availability of sizable reserves outside the cash flow provide added comfort. Fiscal 1992 actual revenues were significantly lower than projected due to property tax losses related to the October 1991 wildfire, lower than anticipated FEMA reimbursements and the general economic downturn. Projections for the current year assume the loss of some $4.2 million in property tax revenues due to state budget reallocation; this is partially offset by modest local fee increases coupled with programatic cuts. However, some draw down in fund balance is expected. Nevertheless, the city's financial operations are expected to remain stable.
 -0- 10/2/92
 /CONTACT: Barbara Filckinger, vice president and manager, 212-553-7736, or Elizabeth Bauch, senior analyst, 415-274-1735, both of Moody's/ CO: Moody's ST: California IN: SU: RTG


TM-LD -- NY078 -- 6282 10/02/92 20:40 EDT
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Publication:PR Newswire
Date:Oct 2, 1992
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