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

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

Business Wire

NEW YORK -- August 28, 2013

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

--$25 million fiscal 2004 series A, subseries A-4 ;

--$50 million fiscal 2004 series A, subseries A-5.

The Rating Outlook is Stable.

The ratings are being assigned in connection with the execution of
reimbursement agreements provided by the Bank of Montreal, pursuant to which
the Bank of Montreal will issue letters of credit supporting the
above-referenced bonds. Based on a review of the terms governing bank bonds
specified in the reimbursement agreements, 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' July 19, 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=800633

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ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Amy Laskey,+1 212-908-0568
Managing Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Karen Wagner,+1 212-908-0230
Director
or
Committee Chairperson
Karen Krop,+1 212-908-0661
Senior Director
or
Media Relations, New York
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com