Standard&Poor's Ratings Services assigned its 'AAA/A-1' rating to New York City's general obligation (GO) bonds fiscal 2015 subseries F-4 and its 'AAA/A-1+' rating to New York City's GO bonds fiscal 2015 subseries F-7 based on the application of joint criteria (assuming low correlation). In addition, Standard&Poor's assigned its 'AA' underlying rating (SPUR) to each subseries F-4 and F-7. The long-term component of the rating is jointly (assuming low correlation) supported by the GO pledge of the New York City and the long-term ratings on the letter of credit (LOC) providers: The Bank of Tokyo-Mitsubishi UFJ, LTD. (A+/A-1) for subseries F-4, and Royal Bank of Canada (AA-/A-1+) for subseries F-7. The short-term components of the ratings are
