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MOODY'S ASSIGNS MIG 2 RATING TO $531 MILLION NEW YORK STATE 1991-92 TAX AND REVENUE ANTICIPATION NOTES

 MOODY'S ASSIGNS MIG 2 RATING TO $531 MILLION NEW YORK STATE
 1991-92 TAX AND REVENUE ANTICIPATION NOTES
 NEW YORK, March 23 /PRNewswire/ -- Moody's Investors Service today assigned a MIG 2 rating to New York State's planned offering of $531 million tax and revenue anticipation notes to be dated March 30, 1992, and maturing Dec. 30, 1992. The notes are being sold through competitive bids on March 25.
 This borrowing is necessitated by the state's expected deficit for the fiscal year ending March 31. Fiscal 1992 marks the fifth consecutive year in which New York State will report an operating deficit and the fourth in which it will have borrowed for deficit purposes.
 Prospects for the coming fiscal year are clouded by the absence of a budget plan, which is now being discussed by the governor and legislative leaders. The current fiscal condition and the lack of a plan are recognized in the MIG 2 rating now assigned. Ample protection is afforded the noteholder by the note's December maturity date, which is timed to the usually strong month for tax receipts, and by the substantial resources of the short-term investment pool which have historically been available, if needed.
 In January 1992, Moody's lowered from A to Baa1 the ratings on a large part of New York State's long-term obligations payable subject to appropriation, noting the importance to credit position of the state's mounting budget deficits, its inability to reach timely agreement on deficit reduction plans for this fiscal year, and protracted weakness in its economy. Further review of the ratings assigned all state debt will consider the timeliness and success at restoring fiscal balance of the budget enacted for fiscal 1993.
 -0- 3/23/92
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: ST: New York IN: SU: RTG


PS -- NY073 -- 0790 03/23/92 17:46 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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