New York's $2.6B MAC Deal Set for Week of Oct. 25

McDonald, Michael
October 2004
Bond Buyer;10/13/2004, Vol. 350 Issue 31988, p7
Trade Publication
The article reports that New York City plans to be in the market with its long awaited and controversial $2.6 billion Municipal Assistance Corp. debt refinancing. The bonds are secured with $5.1 billion of state sales tax revenue that the state legislature agreed to give to the city over 30 years to allow it to refinance the city backed MAC debt, providing $2.5 billion of short-term budget relief. Moody's Investors Service assigned an Al rating to Sales Tax Asset Receivable Corp. and put the rating under review for a possible upgrade. Moody's assigned the same rating to the corporation last year before Governor George Pataki's government filed a lawsuit that delayed the deal.


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