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 adjusted-rate general obligation (GO) bonds. The affirmation reflects our view of a new enhancement for the bonds in the form of a standby letter of credit (LOC) from Citibank N.A. (A/A-1), replacing a prior standby LOC from PNC Bank N.A. (A/A-1). The long-term component of the rating is based jointly on the GO pledge of the obligor, New York City (AA), and the rating on the standby LOC provider, Citibank, N.A., assuming a low correlation. The 'AAA' long-term component of the dual rating reflects our view of full and timely payments of interest and principal when the bondholders have not exercised

...Standard & Poor's Ratings Services affirmed its '###/A-1' rating on New York City's fiscal 2012 series G, subseries G-4 adjusted-rate general obligation (GO) bonds. The affirmation reflects our view of a new enhancement for the bonds in the form of a standby letter of credit (LOC) from Citibank N.A. (A/A-1), replacing a prior standby LOC from PNC Bank N.A. (A/A-1). The long-term component of the rating is based jointly on the GO pledge of the obligor, New York City (##), and the rating on the standby LOC provider, Citibank, N.A., assuming a low correlation. The '###' long-term component of the dual rating reflects our view of full and timely payments of interest and principal when the bondholders have not exercised their put option. The short-term component of the rating is based solely on the short-term rating on Citibank N.A. and reflects our view of full and timely payments of interest and principal when the bondholders have exercised their put option. The standby LOC includes all principal...

Summary