Fitch Rates New York City's (NY) $100MM GO Bank Bonds 'AA'; Outlook Stable

NEW YORK--()--Fitch Ratings assigns an 'AA' rating to the following New York City general obligation (GO) bonds:

--Bank bonds corresponding to approximately $100 million fiscal 2014 series I, subseries I-2 adjustable rate bonds.

The Rating Outlook is Stable.

The bank bond ratings are being assigned in connection with the expected execution effective March 25 of a stand-by bond purchase agreement (SBPA) provided by JP Morgan Chase Bank National Association (the bank), pursuant to which the bank will provide liquidity support for the above-referenced subseries I-2 adjustable rate bonds. Based on a review of the terms governing bank bonds specified in the SBPA, 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 on the subseries I-2 bonds, see 'Fitch Rates New York City's $100MM Subseries 2014I-2 Adj. Rate GO Bonds 'AA/F1', dated March 20, 2014. For more information on the city's long-term rating, see 'Fitch Rates New York City's (NY) $200 million GO Index Rate Bonds; Outlook Stable,' dated March 20, 2014.

Additional information is available at 'www.fitchratings.com'.

In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, CoreLogic Case-Shiller Home Price Index, and Global Insight.

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
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824507

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Contacts

Fitch Ratings
Primary Analyst
Amy Laskey, +1-212-908-0568
Managing Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Bernhard Fischer, +1-212-908-9167
Director
or
Committee Chairperson
Jessalynn Moro, +1-212-908-0608
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Amy Laskey, +1-212-908-0568
Managing Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Bernhard Fischer, +1-212-908-9167
Director
or
Committee Chairperson
Jessalynn Moro, +1-212-908-0608
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com