Standard&Poor's Ratings Services corrected and lowered its ratings on two maturities associated with New York City's series 2002D and 2002G general obligation (GO) bonds to 'AA' from 'AAA'. On March 24, 2007, Standard&Poor's incorrectly raised the ratings of these maturities to 'AAA' based on certain U.S. government securities held in escrow to back other maturities associated with the bonds. The ratings of the two maturities being lowered today are backed by New York City's GO pledge rather than U.S. government securities; therefore, they are the same as New York City's 'AA' GO debt rating. USPF Criteria: "GO Debt," Oct. 12, 2006
