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NEW YORK CITY $574.7 MILLION GENERAL OBLIGATION BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 4 /PRNewswire/ -- New York City's approximately $574.7 million general obligation bonds, fiscal 1994 fixed rate series C, are rated 'A-' by Fitch. The new issue, to be offered through negotiation on or about Oct. 5 by a Lehman Brothers-led syndicate, will include derivative products to be determined. The city's outstanding 'A-' general obligation debt is affirmed. The credit trend is stable but recognizes the city's ongoing need to address projected out-year budget gaps.
 New York City possesses inherent strength in the sheer scope and diversity of its unique economic base. The city closed what was a large projected gap for the current fiscal year and reduced the risks of depending on uncertain resources. Significant outyear gaps exist. A special commission established by the mayor to explore options to achieve ongoing structural budget balance is expected to submit a report containing recommendations this December. The city has demonstrated its effective budget management and controls by consistently achieving operating surpluses despite adverse economic conditions, which appear to be improving.
 -0- 10/4/93
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/


CO: ST: New York IN: SU: RTG

WB -- NY083 -- 8463 10/04/93 15:08 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:197
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