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MOODY'S CONFIRMS

MOODY'S CONFIRMS Baa1' RATING ON NEW YORK CITY GENERAL OBLIGATION BONDS
 NEW YORK, Nov. 18 /PRNewswire/ -- Effective today, Moody's Investors Service confirmed the "Baa1" rating on New York City's general obligation bonds in conjunction with tomorrow's planned sale of $1.2 billion fiscal 1992 series bonds.
 In confirming the rating, Moody's noted that: "The city continues to grapple with significant near- and long-term fiscal pressures ultimately resulting from the region's continuing economic weakness, exposure to the state's own financial problems, and increasing levels of debt. Although new budget gaps in the current year are possible, their magnitude should remain manageable given the seemingly reasonable near- term economic assumptions underlying the budget and city officials' demonstrated commitment to maintaining balanced operations. The long-term uncertainties are significantly greater as a result of the possibility of a slower than anticipated economic recovery and the need for cooperation from the state and others to carry out the city's out-year gap-closing plans. The recent financial plan includes proposals intended to address the administration's commitment to downsize and restructure city government. However, the city has made little progress toward accomplishing these goals over the last two years and it cannot be determined at this time whether the proposed actions will be sufficient to establish sustained financial stability."
 -0- 11/18/91
 /CONTACT: Michael Johnston, 212-553-7810, Marie S. Pisecki, 212-553-7120, or Kenneth B. Kurtz, 212-553-0834, all of Moody's/ CO: City of New York ST: New York IN: SU: RTG JT-FC -- NY091 -- 4655 11/18/91 17:19 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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