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Article: Fitch Revises New York State's Rating Outlook to Stable; Affirms 'AA-' GOs.
- Article from:
- Business Wire
- Article date:
- October 22, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has revised the Rating Outlook on the State of New York's (the state) general obligation (GO) bonds to Stable from Positive. Fitch has also affirmed the 'AA-' rating on the state's approximately $3 billion in outstanding GO bonds. Most of the state's debt is in the form of public authority bonds supported by legislative appropriations, whether in the form of leases, contract payments, or dedicated funds. Fitch has revised the Rating Outlook for such commitments as well (as listed below).
Although the state consistently has taken proactive positive steps to address projected budget gaps over the course of fiscal 2009, Fitch does not ...
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