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MOODY'S CONFIRMS BALTIMORE'S GENERAL OBLIGATION RATING; CITES NEED FOR STRONG MANAGEMENT CONTROLS TO MAINTAIN FISCAL STABILITY

 MOODY'S CONFIRMS BALTIMORE'S GENERAL OBLIGATION RATING; CITES NEED FOR STRONG MANAGEMENT CONTROLS TO MAINTAIN FISCAL STABILITY
 NEW YORK, April 6 /PRNewswire/ -- Effective today, Moody's Investors Service confirmed the 'A1' general obligation bond rating for the city of Baltimore, Md. in conjunction with a $21 million bond sale scheduled for April 21.
 In reviewing the rating Moody's said, "Baltimore continues to benefit from a substantial amount of state financial assistance for many of its major infrastructure costs. In addition, funding from the state continues to support many of the costlier operating budgetary items such as subway operations, indigent health care, and, more recently, jail operations. While the state has historically shown strong financial support to the city, this situation does create potential vulnerabilities.
 "The city's economy has been showing signs of the current economic downturn as demonstrated by rising unemployment rates and slowed growth of certain economically driven revenues. Unlike many other governments in the region, however, Baltimore has not yet experienced a significant erosion of financial position due, in part, to generally conservative budgeting and the timely implementation of cost controls to address potential budgetary imbalances. Mid-year reductions in state aid have necessitated deeper expenditure reductions than anticipated in the original fiscal 1992 budget, and additional state aid reductions in the current fiscal year appear possible. The administration's continued ability to quickly address further budgetary imbalances remains important to credit quality given the city's historically modest financial margins. The above average credit rating also gains support from the city's manageable debt position and diverse economic base."
 -0- 4/6/92
 /CONTACT: Cathy S. Krust of Moody's Public Finance Department, 212-553-7706/ CO: ST: Maryland IN: SU: RTG


AH-KW -- NY087 -- 5559 04/06/92 17:07 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
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