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MOODY'S CONFIRMS LONG-TERM BOND RATINGS FOR PRINCE GEORGE'S COUNTY, MD.

MOODY'S CONFIRMS LONG-TERM BOND RATINGS FOR PRINCE GEORGE'S COUNTY, MD.
 NEW YORK, Jan. 2 /PRNewswire/ -- Moody's Investors Service has confirmed the outstanding long-term general obligation bond ratings of A for limited tax bonds and A1 for unlimited tax bonds in connection with a planned sale of $38.8 million limited tax bonds on Jan. 8, 1992. In confirming the rating, Moody's noted that, "The county is continuing its struggle to restore fiscal balance after facing sharp dropoffs in economically sensitive revenues last fiscal year. Mid-year cuts in state aid have necessitated deeper program cuts than anticipated in the original fiscal 1992 budget and additional state aid reductions appear possible. Nonetheless, the county's recently revised multi-year financial plan now calls for more conservative revenue growth estimates than prior projections and includes some reduction of the accumulated general fund deficit by year-end. While efforts to return to a balanced revenue and expenditure structure and fully address potential budgetary gaps will continue to pose a difficult challenge for the administration, the significant actions taken by management so far this year reflect a strengthened commitment to restoring fiscal stability. Continuation of this commitment to fully restore fiscal balance is critical to the long- term credit position of the county."
 -0- 1/2/92
 /CONTACT: Michael L. Johnson, vice president, 212-553-7810, or Cathy S. Krust, 212-553-7706, both of Moody's/ CO: ST: Maryland IN: SU: RTG


SM-OS -- NY065 -- 6277 01/02/92 16:37 EST
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Publication:PR Newswire
Date:Jan 2, 1992
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