NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AA' rating to bank bonds corresponding to the following New York City variable rate general obligation bonds:
--$70.6 million fiscal 2004, series H, subseries H-6;
--$70.6 million fiscal 2004, series H, subseries H-8.
The Rating Outlook is Stable.
The ratings are being assigned in connection with the extension by Bank of America, N.A. of its irrevocable letters of credit pursuant to the amended and restated reimbursement agreements between the city and the bank, dated Feb. 1, 2013. Based on a review of the terms governing bank bonds specified in the reimbursement agreements, it is Fitch's opinion that the incremental risk associated with bank bonds does not have a material impact on the city's long-term credit rating.
For more information, see Fitch's press release 'Fitch Rates New York City's GOs 'AA'; Outlook Stable' dated Feb. 22, 2013, available on Fitch's website at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, National Association of Realtors, and Property and Portfolio Research.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 14, 2012);
--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012).
Applicable Criteria and Related Research
Tax-Supported Rating Criteria
U.S. Local Government Tax-Supported Rating Criteria