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MOODY'S ASSIGNS SPLIT RATINGS ON SUFFOLK COUNTY BUDGET NOTES SERIES A AND B

 MOODY'S ASSIGNS SPLIT RATINGS ON SUFFOLK COUNTY
 BUDGET NOTES SERIES A AND B
 NEW YORK, Oct. 22 /PRNewswire/ -- Effective yesterday, Moody's Investors Service assigned a "MIG 2" rating on Suffolk County budget noted series 1992 A and a "MIG 1" rating to Suffolk County budget notes, Series 1992 B. Both issues are expected to be sold through negotiation today. In assigning the rating, Moody's stated that despite significant strides to restore fiscal integrity, the county's financial operations remain strained. Officials expect to conclude fiscal 1992 with a cumulative general fund deficit of approximately $56 million, down from $99 million in 1991, The county has taken several steps to restore fiscal balance including significant increases in property taxes, fees and charges as well as expenditure reductions. Nevertheless, the current issuances are still necessary to help eliminate the accumulated deficit. Projected 1993 cash flows appear reasonable and reflect sufficient revenues for note repayment, reflecting the basis for the "MIG 2" rating rating on the Series 1992 A budget notes. Series 1992 B notes are additionally secured by a 1/4 percent increase in the sales tax rate, which is specifically pledged to Series B noteholders. This additional security is expected to provide 164 percent coverage of the notes, thereby enhancing credit quality, and warrants the "MIG 1" rating.
 -0- 10/22/92
 /CONTACT: Robert Miller, senior analyst, 212-553-4947, or Michael


Johnston, vice president/manager, 212-553-7810, both of Moody's Public Finance Department/ CO: Suffolk County ST: New York IN: SU: RTG

AH-SM -- NY077 -- 3539 10/22/92 11:46 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
Words:257
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