MOODY'S RATES NEW JERSEY NOTES 'MIG1/VMIG1'
MOODY'S RATES NEW JERSEY NOTES 'MIG1/VMIG1' NEW YORK, Dec. 10 /PRNewswire/ -- Moody's Investors Service
yesterday assigned ratings of "MIG1/VMIG1" to two series of New Jersey tax and revenue anticipation notes, series fiscal 1992D and fiscal 1992E. The state is expected to negotiate the sale of $200 million tax and revenue anticipation notes the week of Dec. 9; they are being marketed as variable rate obligations, with interest initially reset daily.
In assigning the note ratings, Moody's commented that satisfactory margins of coverage provided by pledged revenues and the general credit strength of the state provide highest quality security. Also noted are the effects of economic recession and related revenue shortfalls of recent years, which appear to be persisting this year, as well as the significance to financial operations in fiscal 1992 of several non- recurring items. The 'VMIG' portion of the note ratings applies to the liquidity support provided by a standby note purchase agreement with Union Bank of Switzerland, Credit Suisse, and Swiss Bank Corporation under which the banks agree to provide, subject to certain conditions, for the purchase, on a pro rata basis, of notes tendered and not remarketed. -0- 12/10/91 /CONTACT; George Leung, 212-553-0342, or Steven Hochman, 212-553-0338, both of Moody's/ CO: State of New Jersey ST: New Jersey IN: SU: RTG
GK-JT -- NY020 -- 0919 12/10/91 10:18 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 10, 1991|
|Previous Article:||GLENDALE FEDERAL BANK REPORTS SURGE IN RESIDENTIAL MORTGAGE LOAN APPLICATIONS AT BRANCH OFFICES|
|Next Article:||MICHAEL J. SEBASTIAN ELECTED TO QUANEX BOARD OF DIRECTORS|