S&P Changes N.Y. Outlook to Negative, Citing Deficits

Braun, Martin Z.
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p3
Trade Publication
Standard & Poor's revised its outlook on New York's credit rating to negative from stable over concerns that the $92.8 billion spending plan adopted by the state Legislature will lead to budget deficits because revenues don't match future spending. The agency currently assigns a AA rating to the state's $4 billion outstanding general obligation debt and a AA-minus rating to the state's outstanding $20 billion appropriation-backed debt. That package includes a provision to refinance the state's remaining $2.5 billion in Municipal Assistance Corp. debt using $170 million in annual state sales tax revenues pledged through 2034.


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