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SUFFOLK COUNTY (N.Y.) $80 MILLION REVENUE ANTICIPATION NOTES RATED 'F-2' BY FITCH -- FITCH FINANCIAL WIRE --

 SUFFOLK COUNTY (N.Y.) $80 MILLION REVENUE ANTICIPATION
 NOTES RATED 'F-2' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, May 5 /PRNewswire/ -- Suffolk County, N.Y.'s revenue anticipation notes are rated 'F-2' by Fitch. The county will offer $78.9 million revenue anticipation notes, 1992 (Series A) and $1.1 million revenue anticipation notes, 1992 (Series B) through negotiation on May 8 with Chemical Securities Inc. and J.P. Morgan Securities Inc. Both series are due April 15, 1993.
 Suffolk County's revenue anticipation notes are adequately secured by the county's general obligation pledge and by the expected flow of state and federal monies that will be used to repay the notes. Last month's passage of the state budget eases historic concerns over accurately predicting levels of state aid against the amount of the note borrowing. Segregation of funds for repayment will, as required under law, occur from last monies in. Therefore, the risk of mid-year state aid reductions could have a negative impact on the set-aside. In recent years, the county has been forced to use its own funds to make the note repayment account whole. Notes are due at a time when the county's cash flow benefits from its annual tax anticipation note issuance and funds should be available to make up any state aid deficiencies.
 Suffolk's budget problems are continuing into this fiscal year. Recently adopted budget balancing legislation probably will not generate the funds needed to provide for balance during this year and there is the strong possibility of another budget note issuance later this year, as well as further expenditure reductions. Revenue enhancements are also being considered and the possibility of a tax increase has not been ruled out.
 -0- 5/5/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Suffolk County, N.Y. ST: New York IN: SU: RTG


CK -- NY068 -- 6557 05/05/92 12:16 EDT
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Publication:PR Newswire
Date:May 5, 1992
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