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NEW YORK STATE ENVIRONMENTAL FACILITIES CORP. POOLED LOAN BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK STATE ENVIRONMENTAL FACILITIES CORP. POOLED
 LOAN BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, April 27 /PRNewswire/ -- The New York State Environmental Facilities Corp.'s state water pollution control revolving fund revenue bonds, Series 1992 A (pooled loan issue) is rated 'AA' by Fitch. The EFC will offer $46.5 million bonds through negotiation the week of May 4 with Kidder, Peabody & Co. and Goldman, Sachs & Co.
 The New York State Environmental Facilities Corp. (EFC), the state revolving fund, has established both high-quality credit and a successful borrowing and lending program. Legal protections are complex, but bondholders are well protected by several layers of security. Bonds are initially secured by the repayment stream from each particular pool of borrowers, but the general reserve ultimately available to bondholders links multiple issues of EFC bonds. Although each pool is closed once bonds are sold for that group of local unit issuers, the use of the general reserve provides broad protection under the financing indenture; therefore, the rating is programmatic in nature.
 The credit of the underlying participants is expected over time to be of about average quality; therefore with the various levels of security, the underlying support of payments for debt service is enhanced to the higher level. The credit trend is stable.
 -0- 4/27/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: New York State Environmental Facilities Corp. ST: New York IN: SU: RTG


CK -- NY078 -- 3135 04/27/92 12:09 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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