Standard&Poor's Ratings Services affirmed its 'AA/A-2' rating on New York City's fiscal 2008 series L, subseries L-5 adjustable-rate demand general obligation bonds. The outlook is stable. The affirmation reflects our view of an expected replacement of the liquidity enhancement supporting the bonds -- in the form of a standby-bond purchase agreement (SBPA) from Dexia Credit Local (BBB/A-2) -- with a new SBPA from Bank of America N.A. (A/A-1). This follows our review of documents relating to the transaction. The long-term component of the rating on the bonds reflects the rating on the obligor, New York City (AA). The short-term component of the rating currently reflects the short-term issuer credit rating on Dexia Credit Local. As of the SBPA
