Fitch Affirms New York City's $25MM 1995 GOs Subseries F-2 at 'AA-/F1+'

Business Wire, August 12, 2005

NEW YORK -- Fitch Ratings has affirmed the 'AA-/F1 ' rating assigned to the City of New York's $25,000,000 general obligation bonds (GOs), Fiscal 1995 Subseries F-2. The rating initially was based on an irrevocable Letter of Credit (LOC) issued by The Toronto-Dominion Bank. Effective Aug. 12, 2005, the LOC will be replaced by a substitute irrevocable LOC issued by DEPFA BANK plc, acting through its New York Branch (DEPFA), and the rating on the bonds will be based on the DEPFA LOC.

The rating will expire upon the earliest of: Feb. 15, 2012, the expiration date of the DEPFA LOC; any prior termination of the DEPFA LOC; or defeasance of the bonds. Goldman, Sachs & Co. continues to be the remarketing agent for the bonds.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.