A debt restructuring idea recently floated by New York City Mayor Rudolph Giuliani has executives at the major rating agencies worried that the administration may resort to budget gimmickry that could have dire consequences for the city's bond rating.

Facing a budget gap of as much as $1 billion in fiscal 1995, Giuliani said last week that he recently met with Felix G. Rohatyn, former chairman of the Municipal Assistance Corp., to discuss a refinancing of MAC bonds as part of a larger package to address the city's structural budget deficit. City officials plan to meet with other MAC members, including the present chairman, Eugene J. Keilin

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