S&P rates New York City housing bonds AA, AA/A-1+

Standard & Poor' said it assigned an AA rating to New York City Housing Development Corp.'s multifamily housing revenue bonds, series 2008 A-3, C-2 and E, and an AA/A-1+ rating to the corporation's series 2008 A-1-A, A-1-B, A-2, B, C-1 and D bonds.

The issue includes $8.3 million of series A-3 (federally taxable), $14.76 million of series C-2 (federally taxable), $100 million of series E (federally taxable), $46.61 million of series A-1-A, $3.405 million of series A-2 (AMT), $37.885 million of series B (federally taxable), $25.24 million of series C-1 (federally taxable) and $12.67 million of series D (non-AMT).

Series A-1-A, B, C-1 and D will be supported by standby bond purchase agreement from Dexia Credit Local. Series A-1-B will be supported by a standby bond purchase agreement from JPMorgan Chase Bank.

S&P also said it affirmed all its other ratings on the corporation's parity debt.

The outlook is stable.

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