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NEW YORK $77.2 MILLION CERTIFICATES OF PARTICIPATION RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

NEW YORK $77.2 MILLION CERTIFICATES OF PARTICIPATION RATED 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 7 /PRNewswire/ -- The State of New York's $77.2 million certificates of participation, dated Feb. 1, 1992, are rated "A" by Fitch. The certificates are expected through negotiation on or about Feb. 11, through a syndicate led by Dillon, Read & Co., Inc. The issue matures serially semi-annually from Sept. 1, 1992, through March 1, 1999. The certificates are not subject to optional redemption. The credit trend is uncertain.
 The certificates are payable from base rentals to be made by the state pursuant to a master lease, subject to annual legislative appropriations. The lessee is the Commissioner of General Services of the Executive Department of the State. The certificates evidence proportionate interests in base rent. Appropriation risk is minimal given the central role that lease secured debt plays in the state's overall debt makeup and the master lease approach of this financing. The certificates finance the lease purchase of equipment for various state agencies and departments and units of the State University of New York and the City University of New York.
 New York has substantial resources and its debt continues to represent only a moderate burden. Financial operations have been in deficit since 1989, originally reflecting economic uncertainty and now a more severe recession than previously anticipated. The executive budget for 1992-93 envisions repayment of $531 million expected to be borrowed to close this year's gap. While economic and revenue estimates have been revised downward, the unpredictability of recent years indicates an uncertain credit trend for the state.
 -0- 2/7/92
 /CONTACT: Richard J. Raphael, 212-908-0506, or Claire G. Cohen, 212-908-0552, both of Fitch/ CO: State of New York ST: New York IN: SU: RTG


GK -- NY029 -- 7678 02/07/92 10:30 EST
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Date:Feb 7, 1992
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