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MOODY'S CONFIRMS 'Aa' RATING ON NEW YORK STATE POWER AUTHORITY

 MOODY'S CONFIRMS 'Aa' RATING ON NEW YORK STATE POWER AUTHORITY
 NEW YORK, April 21 /PRNewswire/ -- Effective today, Moody's Investors Service confirmed the "Aa" rating on the New York State Power Authority's general purpose bonds. The review was completed in connection with the expected negotiated sale on April 22, 1992, of $366,765,000 General Purpose Bonds. The offering is comprised of $235,140,000 Series AA which will be used for capital purposes, primarily a 150-mw combined cycle generating plant in Suffolk County, and $131,575,000 series BB bonds which will advance refund $130,860,000 of series F bonds.
 In confirming the "Aa" on the General Purpose Bonds, Moody's noted; "The Authority's history of operating success and established trend as a low-cost power supplier to an economically diverse service area provide high quality security. Historically sound financial performance, enhanced by timely past and projected rate increases, provide further credit strength."
 The recent cancellation of a large power purchase contract with Hydro-Quebec reflects a downward revision in projections of the regions' power needs. However, the potential for downstate load-growth represents a continuing challenge for the Authority. Manageable capital plans providing for capacity increases as well as further implementation of conservation and demand-sized management programs should enable the Authority to comfortably meet the needs of its customer base.
 Total debt outstanding: $3,607,440,000
 -0- 4/21/92
 /CONTACT: Michael Johnston, 212-553-7810, or Craig Atwater, 212-553-0327, both of Moody's/ CO: New York State Power Authority ST: New York IN: SU: RTG


SH-OS -- NY056 -- 0578 04/21/92 11:23 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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