MOODY'S UPGRADES HARRISON, N.Y., GENERAL OBLIGATION RATING FROM 'Aa' TO 'Aa1'
MOODY'S UPGRADES HARRISON, N.Y., GENERAL OBLIGATION RATING FROM 'Aa' TO 'Aa1' NEW YORK, June 2 /PRNewswire/ -- Effective today, Moody's Investors Service upgraded the general obligation bond rating of Harrison, N.Y., from "Aa" to "Aa1." The review was completed in conjunction with the sale of $7.7 million of Public Improvement (Serial) bonds, scheduled for bids June 4. In raising the rating, Moody's noted that "Harrison possesses an exceptionally strong tax base anchored by the corporate headquarters of Texaco, Inc. and Pepsico, Inc. and some of the most expensive residential real estate in the New York City metropolitan area. The past two years of pronounced recession in the northeast have had minimal effect on Harrison as finances have been well maintained and property tax collections have remained particularly strong. Supplemental revenues from a new 1 percent increase in the county sales tax will be available to the village for the next several years, providing additional credit support even if the recession continues. The debt burden is low with a large portion comprised of water and sewer borrowing. Only minor future borrowing is anticipated for the next several years." This rating action supplies to $15.5 million of general obligation bonds including the scheduled sales of $7.7 million of general obligation bonds on June 4. -0- 6/2/92 /CONTACT: Michael Johnston of Moody's, 212-553-7810/ CO: ST: New York IN: SU: RTG
PS -- NY069 -- 6382 06/02/92 16:42 EDT
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|Date:||Jun 2, 1992|
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