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MOODY'S LOWERS RATING ON MONROE COUNTY, NEW YORK GENERAL OBLIGATION BONDS TO A1 FROM Aa

 MOODY'S LOWERS RATING ON MONROE COUNTY, NEW YORK
 GENERAL OBLIGATION BONDS TO A1 FROM Aa
 NEW YORK, March 10 /PRNewswire/ -- Effective today, Moody's Investors Service lowered the rating on Monroe County, New York's general obligation bonds to A1 from Aa. The rating acting was taken in conjunction with the county's planned March 12 sale of $121,175,000 bonds.
 In lowering the rating, Moody's said "The county's fiscal situation has deteriorated significantly due to inaccurate budget estimates and a failure to take timely action to offset cuts in state aid and lower- than-budgeted sales tax revenues, resulting in recurring operating deficits and an increased reliance on cash flow borrowing. This weakened financial position diminishes overall credit quality and necessitates the rating revision. The new administration has taken steps to clarify the extent of the problem and to improve budgeting and accounting procedures, but the maintenance of the current rating depends upon the development and successful implementation of a plan to address a projected operating deficit in the current year and to eliminate the accumulated fund deficit."
 The rating continues to reflect the county's underlying economic strengths. Incorporating the city of Rochester, it is the nation's leading center for the manufacture of photographic and optical goods and its economy also benefits from the presence of the University of Rochester and a number of other educational institutions. Wealth levels are comparable to state averages and significantly higher than other upstate counties. County unemployment rates have been historically stable and have performed particularly well throughout the current recession, even though Kodak, the county's largest employer, has made large cuts in employment.
 General Obligation Bonds Outstanding: Approximately $348 million.
 -0- 3/10/92
 /CONTACT: Michael Johnston, 212-553-7810, or Kenneth B. Kurtz, 212-553-0834, both of Moody's/ CO: ST: New York IN: SU: RTG


SM-OS -- NY068 -- 7057 03/10/92 16:40 EST
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Publication:PR Newswire
Date:Mar 10, 1992
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