...Standard & Poor's Ratings Services affirmed its '##/A-1' rating on New York City's fiscal 2008 subseries J-8. The long-term component of the rating and the outlook reflect our rating on New York City (##/Stable). 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. The LOC provider's obligation to purchase unremarketed tendered bonds while the bonds bear interest in the weekly rate mode (the covered mode) will terminate should various events occur, as outlined in the LOC. We have reviewed these events and believe them consistent with our published criteria. For more information on the...
