Fitch Downgrades New York

McDonald, Michael
June 2003
Bond Buyer;6/6/2003, Vol. 344 Issue 31651, p1
Trade Publication
Fitch Ratings Inc. on June 5, 2003 downgraded New York's general obligation and personal income tax debt rating to AA-minus from AA, and the state's appropriation debt rating to A-plus from AA-minus. The state's Tobacco Settlement Financing Corp. is starting to price $2.3 billion in debt on June 6, which Fitch rated A-plus, equivalent to the rating the agency now has on state appropriation debt. In addition to the general obligation debt, the downgrade to AA-minus affects PIT bonds sold by the New York State Dormitory Authority, the Empire State Development Corp., the New York State Environmental Facilities Corp., the New York State Thruway Authority and the New York State Housing Finance Agency.


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