Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to New York City's series 2003, subseries C-2, variable-rate general obligation (GO) bonds. The city's full faith and credit GO pledge and a letter of credit (LOC) with Bayerische Landesbank secure the bonds. On Oct. 21, 2009, due to the ratings action taken on Bayerische Landesbank on Oct. 19, 2009, we withdrew the existing AAA/A-1+ rating on the 2003 bonds, which reflected the credit support provided by the LOC. According to our joint-support criteria, we are now assigning a AA/Stable rating to reflect the city's GO pledge. The rating's short-term component remains withdrawn, reflecting the rating actions on the LOC provider. (For additional information regarding the city, please
