NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AA' rating to the following New York City general obligation (GO) bonds:
-- Bank bonds corresponding to $150 million fiscal 2008 series J, subseries J-3 adjustable-rate bonds.
The Rating Outlook is Stable.
The rating is being assigned in connection with the execution of a standby bond purchase agreement with Barclays Bank PLC, expected to become effective Jan. 31, 2011. Based on a review of the terms governing bank bonds specified in the agreement it is Fitch's opinion that the incremental risk associated with bank bonds does not have a material impact on the long-term credit rating.
For more information, see Fitch's press release 'Fitch Rates New York City's $1.2B GOs 'AA'; Outlook Stable' dated Dec. 10, 2010, available on Fitch's website at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
-- 'Tax-Supported Rating Criteria', dated Aug. 16, 2010;
-- 'U.S. Local Government Tax-Supported Rating Criteria', dated Oct. 8, 2010.
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564566
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