TITLE

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

AUTHOR(S)
McDonald, Michael
PUB. DATE
October 2004
SOURCE
Bond Buyer;10/13/2004, Vol. 350 Issue 31988, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
14718402

 

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