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
