Summary: New York City; Joint Criteria

Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on New York City's fiscal 2012 series G, subseries G-4 general obligation bonds. The underlying rating (SPUR) on the bonds remains at 'AA'. The outlook is stable. The affirmation follows our review of documents related to an upcoming substitution of the enhancement provided to the bonds, in the form of a letter of credit (LOC) from PNC Bank N.A. (A/A-1), with a new LOC from Citibank N.A. (A/A-1). The long-term component of the dual rating currently reflects the long-term issuer credit ratings on, as well as joint support provided by, PNC Bank N.A. (A), the current LOC provider; and New York City (AA), the obligor, assuming a low correlation. The short-term

...Standard & Poor's Ratings Services affirmed its '###/A-1' rating on New York City's fiscal 2012 series G, subseries G-4 general obligation bonds. The underlying rating (SPUR) on the bonds remains at '##'. The outlook is stable. The affirmation follows our review of documents related to an upcoming substitution of the enhancement provided to the bonds, in the form of a letter of credit (LOC) from PNC Bank N.A. (A/A-1), with a new LOC from Citibank N.A. (A/A-1). The long-term component of the dual rating currently reflects the long-term issuer credit ratings on, as well as joint support provided by, PNC Bank N.A. (A), the current LOC provider; and New York City (##), the obligor, assuming a low correlation. The short-term component of the dual rating solely reflects the short-term issuer credit rating on Citibank N.A. (A-1). As of the substitution date, which is currently expected to be April 1, 2015, the long-term component of the dual rating will reflect the long-term issuer credit ratings...

Summary