Fitch gives AA- to N.Y.C. bonds

Fitch Ratings said it assigned an AA- rating to New York City's $965 million fiscal 2009 series A general obligation bonds, consisting of $800 million subseries A-1 tax-exempt bonds and $165 million subseries A-2 taxable bonds.

The tax-exempt bonds are scheduled to be sold during the Aug. 4 week through negotiation. The taxable bonds are scheduled to be sold Aug. 6 through competitive bid.

Fitch affirmed $35 billion in outstanding New York City G.O. bonds at AA-, including the city's $33.45 million fiscal 2003 series G, subseries G-5 bonds, which are being remarketed as uninsured fixed-rate bonds as part of the city's plan to convert outstanding auction-rate debt. The outlook is stable.

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