Summary: New York City; General Obligation

Standard&Poor's Ratings Services raised its rating on New York City's fiscal 2008 series L, subseries L-5 adjustable-rate demand general obligation (GO) bonds to 'AA/A-1' from 'AA/A-2'. The outlook is stable. The raised short-term component of the rating reflects our view of a new enhancement provided to the bonds in the form of a standby-bond purchase agreement (SBPA) from Bank of America N.A. (A/A-1), effective April 22, 2015, replacing a prior SBPA from Dexia Credit Local (BBB/A-2). The long-term component of the rating reflects our view of New York City's GO pledge (AA/Stable). The short-term component of the rating is based on the short-term rating on the new SBPA provider, Bank of America N.A., and reflects our view of

...Standard & Poor's Ratings Services raised its rating on New York City's fiscal 2008 series L, subseries L-5 adjustable-rate demand general obligation (GO) bonds to '##/A-1' from '##/A-2'. The outlook is stable. The raised short-term component of the rating reflects our view of a new enhancement provided to the bonds in the form of a standby-bond purchase agreement (SBPA) from Bank of America N.A. (A/A-1), effective April 22, 2015, replacing a prior SBPA from Dexia Credit Local (###/A-2). The long-term component of the rating reflects our view of New York City's GO pledge (##/Stable). The short-term component of the rating is based on the short-term rating on the new SBPA provider, Bank of America N.A., and reflects our view of full and timely principal and interest payments when bondholders exercise their put option. The new SBPA covers all principal and 35 days' interest at the maximum 9% rate for the purchase price on bonds that are not successfully remarketed. The SBPA covers the bonds...

Summary