Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) bonds fiscal 2009 series G. At the same time, we affirmed our 'AA' long-term rating, and stable outlook, on the parity debt outstanding. In conjunction with the issuance of the GO 2009G bond issue, the city also plans to convert $19 million of a variable-rate demand bond (sub-series 1995F-2) into fixed-rate mode. A letter of credit facility from Depfa Bank PLC, which will be canceled after the conversion date, supports the 1995F-2 bonds. Upon conversation, Standard&Poor's will assign the standard long-term GO rating to that transaction. In our opinion, credit factors supporting the rating include: New York City's
