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MOODY'S CONFIRMS 'Baa' RATING FOR COMMONWEALTH OF MASSACHUSETTS GENERAL OBLIGATIONS

 MOODY'S CONFIRMS 'Baa' RATING FOR COMMONWEALTH OF MASSACHUSETTS
 GENERAL OBLIGATIONS
 NEW YORK, Dec. 6 /PRNewswire/ -- Moody's Investors Service today assigned a rating of "Baa" to an offering of $350 million general obligation consolidated loan bonds of 1991, Series D, scheduled for sale the week of Dec. 9 by the Commonwealth of Massachusetts. This is a confirmation of the existing rating on the Commonwealth's general obligation bonds.
 Commonwealth efforts this year to address underlying budgetary imbalance offer the prospect of greater financial stability in the future. These include the enactment of a fiscal 1992 budget based on conservative revenue assumptions, initiatives seeking to achieve long- term savings through changes in operating and capital programs, and development of a consensus revenue-estimating process. Early evidence of the benefits produced by these efforts is provided by tax collections which have been exceeding initial expectations, permitting a recent increase in this year's tax revenue estimate.
 Risks to financial improvement are still posed by economic stress, continuing spending pressures and the uncertainty of savings expected from program changes. Reliance in this year's budget on $810 million of non-recurring revenues, which could open a gap of comparable size next year, has been reduced, apparently because planned transactions face unexpected difficulties. The tax revenue estimate increase offsets the reduction in non-recurring items, and this improves the financial outlook for next year. Key rating considerations in coming months will be the achievement of balanced operations this year and the enactment of a sound budget for fiscal 1993.
 Commonwealth of Massachusetts general obligation bonds outstanding, including current offering: $8,341,444,000.
 -0- 12/6/91
 /CONTACT: George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: State of Massachusetts ST: Massachusetts IN: SU: RTG


GK-SM -- NY054 -- 0193 12/06/91 15:05 EST
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Publication:PR Newswire
Date:Dec 6, 1991
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