Fitch Rates New York City, NY's GO Bank Bonds 'AA'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings assigns an 'AA' rating to bank bonds corresponding to the following New York City variable rate general obligation (GO) bonds:

-- $275,000,000 GO bonds, fiscal 2006 series I, Subseries I-4, I-5, and I-6.

The Rating Outlook is Stable.

The ratings are being assigned in connection with issuance of letters of credit provided by The Bank of New York Mellon and California Public Employees' Retirement System, pursuant to a reimbursement agreement dated as of May 1, 2013. Based on a review of the terms governing bank bonds specified in the reimbursement agreement, it is Fitch's opinion that the incremental risk associated with bank bonds does not have a material impact on the city's long-term credit rating.

For more information, see Fitch's press release 'Fitch Rates New York City's GOs 'AA'; Outlook Stable' May 17, 2013, available on Fitch's website at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, National Association of Realtors, and Property and Portfolio Research.

Applicable Criteria and Related Research:

--'Tax-Supported Rating Criteria' (Aug. 14, 2012);

--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012).

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=792084

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