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NEW YORK'S $850 MILLION TRAN'S RATED F-1+ BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 26 /PRNewswire/ -- The State of New York's $850 million 1993 Tax and Revenue Anticipation Notes are rated F-1+ by Fitch. The notes are offered for bids on April 28, they will be dated May 4, 1993, and will mature, without option to call, on Dec. 31, 1993. They are general obligations of the state and its full faith and credit are pledged.
 New York's TRAN's are extremely well secured this year. The state begins the current fiscal year in a strong financial position, having surpassed the revenue estimates contained in the financial plan, as income tax receipts were well ahead of projections. The operating surplus was sufficient to retire $531 million deficit notes carried over from prior years and to provide $671 million for income tax refunds in 1993-94. The comfortable cash position, together with the borrowing program being undertaken by the Local Government Assistance Corporation to fund part of the state's accumulated deficit, have allowed the size of the borrowing to drop to its lowest level in over twenty years.
 While the notes are general obligations, they are payable from revenues collected during the fiscal year, which began April 1. The 1993-94 budget, like its predecessor, is based on conservative economic assumptions which expect flat employment and modest personal income growth, with the state continuing to lag the nation. Estimates of both receipts and disbursements appear very reasonable.
 In December, when the notes are due, net available receipts amount to an estimated $1.4 billion, which would provide 1.66 times coverage for the notes. The estimated balance, after note payment, is equal to 12 percent of total receipts, indicating the extent to which receipts could fall short and still provide for the notes.
 -0- 4/26/93
 /CONTACT: Claire G. Cohen of Fitch, 212-908-0552/


CO: ST: New York IN: SU: RTG

SB -- NY099 -- 0826 04/26/93 14:54 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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