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NY DORMITORY AUTHORITY $180 MILLION STATE UNIVERSITY BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 6 /PRNewswire/ -- The Dormitory Authority of the State of New York's $180 million State University Educational Facilities Revenue Bonds, series 1993C are rated "A" by Fitch. The credit trend is stable. The bonds will be offered for bids Dec. 7 and will be due May 15, 1994-2023; they will be callable beginning May 15, 2004 at 102%.
 The bonds will be on a parity with $3.1 billion outstanding bonds issued under the 1989 indenture as to lien on state appropriations under the State Education Law to the State University Construction fund.
 Security for the bonds rests with the general credit of the State of New York as payments made pursuant to the State Education law require annual legislative appropriation. New York has substantial resources and ranks highly among the states by wealth measures. While the economy and financial operations have been adversely affected by the recession, improvement is now evident. The general fund achieved a considerable surplus in 1992-93, and operations for the first half of the current fiscal year indicate that another balance will result. Debt is above average but only moderately burdensome. Fitch rates general obligations of the state "A+."
 The authority is an important agency of the State of New York and issues various securities in connection with its role of financing capital facilities. State university financing was taken over by the authority from the Housing Finance Agency in 1989, when all prior bonds were refunded. The state has a long record of appropriating for debt service on bonds issued for state university improvements.
 -0- 12/6/93
 /CONTACT: Janet H. Martin, 212-908-0507, or Claire G. Cohen, 212-908-0552/


CO: The Dormitory Authority of the State of New York ST: New York IN: SU: RTG

MP -- NY093 -- 0897 12/06/93 15:21 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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