...NEW YORK (Standard & Poor's) March 25, 2016--Standard & Poor's Ratings Services affirmed its '##/A-1' rating on New York City's fiscal 2008 subseries J-8 bonds. "The long-term component of the rating and the outlook reflect our rating on New York City (##/Stable)," said Standard & Poor's credit analyst Hilary Sutton. The 'A-1' short-term component of the rating reflects a new liquidity facility in the form of a letter of credit (LOC) provided by Sumitomo Mitsui Banking Corp., acting through its New York Branch effective on March 29, 2016. The new LOC will cover principal and 35 days' interests at a maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The LOC is due to expire on Aug. 2, 2021, unless extended or terminated beforehand. For more information on the long-term credit characteristics of the obligor, see the summary analysis on New York City, published Feb. 18, 2016, on RatingsDirect. "The stable outlook on the long-term rating reflects what...
