Moody's rates N.Y.C. housing bonds Aa2

Moody's Investors Service said it assigned an Aa2 rating to the New York City Housing Development Corp.'s $96 million 2008 series F, G-2 & H-1 multi-family housing revenue bonds and a Aa2/VMIG1 rating to its $94 million 2008 series G-1, H-2-A and H-2-B bonds.

The outlook is stable.

Proceeds will be used to finance mortgage loans for multifamily properties throughout New York City.

The short-term rating is based on standby bond purchase agreements from Dexia Credit Local (for the series G-1 and H-2-A bonds) and Bank of America (for the series H-2-B bonds).

Moody's also affirmed its Aa2 rating on about $1.8 billion in outstanding New York City Housing Development Corp. multi-family housing revenue bonds.

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