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S&P rates New York City bonds AA/A-1+, AA/A-1
Standard & Poor's said it assigned an AA long-term rating to New York City's 475.4 million of tax-exempt adjustable-rate general obligation bonds, subseries fiscal 2008 L3 to L6.
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.
At the same time, S&P said it assigned short-term ratings of A-1+ to subseries L-3, L-5 and L-6 and short-term ratings of A-1 to subseries L-4.
The short-term ratings are based on standby bond purchase agreements, from Bank of America for L-3, Depfa for L-4, Dexia for L-5 and Wachovia for L-6.
The outlook is stable.
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