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Article: Fitch Rates $650MM New York City's GOs 'A+', Rating Outlook Negative.
- Article from:
- Business Wire
- Article date:
- December 23, 2002
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Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 23, 2002
Fitch Ratings assigns an 'A+' to the City of New York's $650,000,000 general obligation bonds, fiscal 2003 series F, including $500,000,000 tax-exempt bonds and $150,000,000 taxable bonds. The bonds will be offered through a syndicate led by UBS PaineWebber Inc. the week of January 6. The rating on approximately $27.2 billion outstanding general obligation bonds is affirmed at 'A+'. The city's rating will continue to be pressured by the depth and duration of the economic disruption and budget challenges, including high and rising debt service and pension costs. Consequently, the Rating Outlook is ...