S&P Global Ratings raised its ratings on New York City's general obligation (GO) bonds fiscal 2008 subseries L-3 to 'AA+/A-1' from 'AA/A-1'. The long-term component of the ratings on each of the series is based on the application of joint criteria and assumes low-correlation. The long-term portion of the dual rating is based on the GO pledge of the obligor and the individual standby letters of credit (LOC), provided by Bank of America, NA, which replaces the standby bond purchase agreement provided by Bank of America, NA. The short-term component of the dual rating on the bonds will reflect the short-term rating on the respective LOC provider. The LOC covers payments required as a result of tender options that are
