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MOODY'S CONFIRMS 'Baa1' RATING ON SUFFOLK COUNTY, N.Y. GENERAL OBLIGATION BONDS

 NEW YORK, March 3 /PRNewswire/ -- Effective today, Moody's Investors Service confirmed the "Baa1" rating on Suffolk County's general obligation bonds. The rating review was completed in conjunction with the expected sale today of $189,915,000 of public improvement refunding bonds, Series 1993 D, E, F & G. It is anticipated that all but the 1993 maturities of Series D, E & F will be insured by FGIC and MBIA will insure Series G, except for the 1993 maturities. The current sale will refund outstanding bonds for an estimated present value savings of 2.5 percent of proceeds.
 In confirming the rating, Moody's said, "After closing fiscal 1991 with an accumulated general fund deficit of nearly $100 million, the county has significantly improved its financial position in 1992 as the result of a projected operating surplus of $43 million. Although the surplus was achieved in part with one-shot revenue sources, it also required significant efforts to close the gaps which emerged over the course of the year. The county is addressing the remainder of the accumulated deficit through the issuance of $35 million in budget notes, which were sold in October and are to be repaid with a dedicated share of county sales tax revenues, and with $33.5 million of 1993 budget appropriations. The 1992 fiscal performance and the plan to eliminate the deficit within a two-year period signal a stronger commitment to take the decisive actions necessary to improve county finances. These actions represent an important step toward restoring the county's financial position and contribute to a stable outlook for the county's credit quality. Nevertheless, meeting goals set in the 1993 budget will pose a significant challenge, as will the need to reestablish and maintain long-term fiscal balance."
 In conjunction with this rating, Moody's has reviewed and confirmed the "Baa1" rating on the New York State Dormitory Authority, Suffolk County Judicial Facilities lease revenue bonds and the "Baa" rating on the New York State Housing Finance Agency Suffolk H.E.L.P. housing revenue bonds.
 -0- 3/3/93
 /CONTACT: Brad Gewehr, senior analyst of Moody's Public Finance Department, 212-553-4789/


CO: ST: New York IN: SU: RTG

GK-OS -- NY066 -- 2556 03/03/93 14:55 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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