TITLE

Moody's Upgrades Nassau County, N.Y. IFA

AUTHOR(S)
Brawn, Martin Z.
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/2/2003, Vol. 344 Issue 31627, p28
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Rating agency Moody's Investors Service Inc. is upgrading the Nassau County Interim Finance Authority (NIFA) in New York to Aa2 from Aa3 as the county's fiscal overseer gets set to issue 405 million dollars in sales tax-secured debt. The agency cited the strength and stability of Nassau County's sales tax revenue, NIFA's limited future borrowing backed by the sales tax, and improvement in the county's financial position. Moody's has also upgraded NIFA's 650 million dollar outstanding debt. The county's sales tax revenues have grown to 811.7 million dollars in 2002 from 226 million dollars in 1981. In 2000 the state Legislature created NIFA to provide market access and fiscal oversight for Nassau County's recovery plan.
ACCESSION #
9740727

 

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