TITLE

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

AUTHOR(S)
Braun, Martin Z.
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
9880731

 

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