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Moody's rates N.Y.C. bonds Aaa/VMIG1
Moody's Investors Service said it assigned ratings of Aaa/VMIG1 to the City of New York's $461.23 million of general obligation bonds, fiscal 2008 subseries J-3, J-6, J-7 and J-8.
The issue includes $150 million of subseries J-3, $111.225 million of J-6, $100 million of J-7 and $100 million of J-8.
Sale of the bonds was expected on April 1.
Subseries J-3 is supported by a letter of credit (LOC) from Allied Irish Banks plc, which is rated Aa2/P-1. Subseries J-6 is supported by an LOC from Landesbank Hessen-Thuringen Girozentrale, which is rated Aa2/P-1. Subseries J-7 and J-8 are supported by an LOC from Landesbank Baden-Wurttemberg, which is rated Aa1/P-1.
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