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MOODY'S ASSIGNS MIG1 RATING TO STATE OF ILLINOIS GENERAL OBLIGATION CERTIFICATES OF OCTOBER 1992

 MOODY'S ASSIGNS MIG1 RATING TO STATE OF ILLINOIS
 GENERAL OBLIGATION CERTIFICATES OF OCTOBER 1992
 NEW YORK, Sept. 25 /PRNewswire/ -- Moody's Investors Service announced today that it has assigned a rating of MIG1 to $300 million State of Illinois general obligation certificates of October 1992 which are to be offered through competitive bid on Sept. 29. The certificates will mature on June 15, 1993.
 The certificates are general obligations, payable from any state treasury funds. The amount offered represents a modest 2.1 percent of projected receipts of the general funds, the expected payment source. While general funds balances have been reduced in the past three fiscal years, they are projected to be sufficient in June, after payment of the notes, to provide an adequate margin of protection which will be bolstered by balances in other funds, most notably the road fund.
 This borrowing reflects continued cash flow stringency of the state's operating funds. Certificate proceeds will be used to fund operations and, like the certificates of 1992 sold in August, to accelerate the pace of payments to Medicaid service providers. (The August certificates are expected to be paid from certain assessment funds, which are separate from the general funds.)
 The state's cash flow projection may be vulnerable. Its estimate of underlying revenue growth, while not large in absolute terms, is greater than was actually attained in fiscal 1992, and the achievability of certain spending reductions embodied in the budget is not certain. Yet the small size of the borrowing relative to the general funds' large revenue stream and the state's strong administrative powers and demonstrated ability to manage its cash contribute to the rating assignment.
 -0- 9/25/92
 /CONTACT: Steven Hochman, vice president and managing director- state ratings, 212-553-0038, or Robert Kurtter, assistant vice president-state ratings, 212-553-4453, both of Moody's/ CO: State of Illinois ST: Illinois IN: SU: RTG


GK-TS -- NY032 -- 3499 09/25/92 11:57 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
Words:319
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