Standard&Poor's Ratings Services assigned its 'AA' long-term rating to New York City's fiscal 2014 series I, subseries I-1 fixed rate general obligation (GO) bonds and affirmed its 'AA' long-term rating on the city's existing GO debt. At the same time, Standard&Poor's also assigned its 'AA' long-term rating to $45 million of the city's fiscal 2004 subseries A-6 bonds, which we understand will be converted to the fixed-rate mode in March 2014 under a new CUSIP. The outlook on all ratings is stable. The city's faith, credit, and unlimited ad valorem pledge secure the bonds. Bondholders benefit from the security of the general debt service fund established by state statute, with city real estate tax revenue deposited
