Moody's May Raise N.Y. Rating

Cataldo, Adam L.
September 2004
Bond Buyer;9/10/2004, Vol. 349 Issue 31966, p1
Trade Publication
This article reports that Moody's Investors Service Inc. placed New York under review for a possible ratings upgrade that would affect about $46.8 billion in general obligation debt. The agency currently has assigned the state an A2 rating with a positive outlook. Moody's rating of New York is just one notch above the A3 GO rating it maintains on California, the lowest-rated state. For the first four months of the current fiscal year, the state's income and sales tax revenues are up 20%, below average for the state sector," said Tim Blake, senior vice president for state ratings. He attributed the rise in revenues to tax inreases, a strong stock market in calendar year 2003, and the general economic recovery.


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