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
