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MOODY'S CONFIRMS 'A' RATING ON BONDS ISSUED BY THE MUNICIPAL ASSISTANCE CORPORATION UNDER ITS 1991 GENERAL BOND RESOLUTION

 NEW YORK, March 2 /PRNewswire/ -- Effective today, Moody's has confirmed the A rating on the bonds of the Municipal Assistance Corporation of the City of New York (MAC) issued under its 1991 General Bond Resolution. The rating was received in conjunction with the planned sale on March 2 of $133,450,000 Series C Bonds. The proceeds of these bonds will be applied toward the refunding of all of MAC's outstanding Series 56 bonds.
 In confirming the rating, Moody's said, "Substantial surpluses and good coverage continue to provide average security for all series of MAC bonds. This sale, which will refund outstanding bonds for a significant savings, is consistent with MAC's basic role of managing at its debt for the financial benefit of the city. MAC's limited role in recent years, along with its finite term, have been viewed as limiting bondholder exposure to future uncertainties. In that light, the possible issuance of new money debt to fund certain limited capital needs of the city is noted, as are discussions of any additional role for MAC as the city seeks to deal with increasing capital and operating constraints. A significant expansion of MAC's role relative to the city would reestablish a linkage between Mac and the city's fiscal position and result in a further credit evaluation."
 -0- 3/2/93
 /CONTACT: Brad Gewehr, senior analyst of Mid-Atlantic regional ratings of Moody's, 212-553-4789/


CO: Municipal Assistance Corporation ST: New York IN: SU: RTG

TS-KW -- NY063 -- 1933 03/02/93 11:58 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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