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Fitch rates New York City G.O. bonds AA-/F1+
Fitch Ratings said it assigned AA-/F1+ ratings to the City of New York's $475.4 million of general obligation bonds, fiscal 2008 series L, adjustable-rate bonds, subseries L-3 through L-6.
The issue includes $80 million of subseries L-3, $100 million of subseries L-4, $145.4 million of subseries L-5 and $150 million of subseries L-6.
The short-term ratings for subseries L-3, L-4, L-5 and L-6 are based on standby purchase agreements from Bank of America, NA; Depfa Bank, plc, New York Branch; Dexia Credit Local, New York Branch; and Wachovia Bank, NA, respectively.
Delivery of the bonds is expected April 23.
In addition, Fitch said it affirmed about $34 billion of the city's outstanding G.O. bonds at AA-.
The outlook is stable.
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