Fitch Withdraws Credit Enhanced Ratings on NYC Fiscal 2003 C-4 & C-5 Bonds

  Fitch Withdraws Credit Enhanced Ratings on NYC Fiscal 2003 C-4 & C-5 Bonds

Business Wire

NEW YORK -- October 21, 2013

Fitch Ratings withdraws the 'AAA/F1' credit enhanced rating on the following
bond:

--New York City (NY) adjustable-rate general obligation bonds fiscal series
2003C-4.

The rating withdrawal is in connection with the conversion of the bonds from
the weekly rate mode to the fixed rate mode and termination of the Bank of
Tokyo-Mitsubishi UFJ, Ltd letter of credit (LOC) supporting the bonds. The
mandatory tender and termination of the LOC occurred on October 16, 2013.

In addition, Fitch withdraws the 'AA-/F1+' credit enhanced rating on the
following bond:

--New York City (NY) adjustable-rate general obligation bonds fiscal series
2003C-5.

The rating withdrawal is in connection with the conversion of the bonds from
the weekly rate mode to the fixed rate mode and termination of the Bank of New
York Mellon (The)) letter of credit (LOC) supporting the bonds. The mandatory
tender and termination of the LOC occurred on October 16, 2013.

The long-term rating assigned to the bonds is revised to 'AA' with a Stable
Outlook based on the underlying rating assigned by Fitch to New York City's
general obligation bonds.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research
--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 14, 2013);
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public
Finance Bonds' (March 8, 2013).

Applicable Criteria and Related Research:
Rating Guidelines for Letter of Credit-Supported Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710476
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public
Finance Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701572

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=805621
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit, +1-212-908-0689
Managing Director
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
 
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