Fitch rates New York City G.O. bonds AA-, F1+, AA+

Fitch Ratings said it assigned ratings to the City of New York's $1,305,790,000 general obligation fiscal 2008 series J adjustable-rate bonds, subseries J-3 through subseries J-14.

The AA- long-term ratings assigned to subseries J-4, J-5, J-9, J-10, J-11, J-12, J-13 and J-14 are based on the rating assigned by Fitch to the City of New York's G.O. bonds. The short-term F1+ ratings assigned to the aforementioned subseries are based on the standby bond purchase agreements (SBPAs) provided by the banks identified below:

• $100 million subseries J-4, SBPA provided by Bank of America, NA;

• $101.405 million subseries J-5, SBPA provided by Dexia Credit Local, New York Branch;

• $100 million subseries J-9, SBPA provided by the Bank of Nova Scotia, New York Agency;

• $100 million subseries J-10, SBPA provided by BNP Paribas, San Francisco Branch;

• $100 million subseries J-11, SBPA provided by KBC Bank N.V., New York Branch;

• $103.16 million taxable subseries J-12, SBPA provided by Dexia Credit Local, New York Branch;

• $140 million taxable subseries J-13, SBPA provided by Lloyds TSB Bank, New York Branch; and

• $100 million taxable subseries J-14, SBPA provided by Lloyds TSB Bank, New York Branch.

The long-term ratings assigned to subseries J-3, J-6, J-7 and J-8 are based jointly on the long-term ratings of the banks providing the irrevocable standby letters of credit (LoCs) and the AA- long-term rating assigned to the city, all as described below. The F1+ short-term ratings are based solely on the LoCs.

• $150 million subseries J-3 rated AA+/F1+ with the LoC provided by Allied Irish Banks plc New York Branch (rated AA-/F1+);

• $111.225 million subseries J-6 rated AA+/F1+ with the LoC provided by Landesbank Hessen-Thuringen Girozentrale, New York Branch (rated A+/F1+);

• $100 million subseries J-7 rated AA+/F1+ with the LoC provided by Landesbank Baden-Wurttemberg, New York Branch (rated A+/F1+); and

• $100 million subseries J-8 rated AA+/F1+ with the LoC provided by LBBW.

Bond proceeds will be used for the city's capital purposes.

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