Amend: Fitch Rates New York City $231.69MM GO Refunded Bonds 'AAApre'.

NEW YORK -- (This is an amended version of a press release originally issued on Oct. 30 and contains the CUSIP numbers for the outstanding 'AAApre' rated bonds for New York City at the end of the release.)

Fitch assigns a rating of 'AAApre' to the City of New York $203,870,000 tax-exempt refunded general obligation (GO) bonds and $27,820,000 taxable refunded GO bonds. These bonds were refunded on March 3, 2005 with proceeds of the City's GO bonds, fiscal 2005 series K and L.

The escrow holder, The Bank of New York, holds separate irrevocable trust funds for the purpose of paying principal, interest and redemption premium, when due, on the refunded tax-exempt bonds and taxable refunded bonds, respectively. The 'AAApre' rating reflects the express lien of the bondholders on all funds, which have been invested in direct non-callable obligations of the U.S. Any future substitute investment is limited to such obligations of the U.S. and non-callable interest components of REFCORP bonds.

Grant Thornton verified the mathematical accuracy of future cash receipts and requirements of the trust fund securing the refunded bonds, contained in schedules provided to them by Citigroup, underwriter for the refunding bonds. In the opinion of Grant Thornton, anticipated receipts from the trust funds will be sufficient to pay the principal, interest and any premium on the refunded bonds, when due.

The 'AAApre' rating applies to the bonds with the following CUSIP numbers:

--64966EQD2;

--64966EER4;

--64966DA41;

--649665Q41;

--64966EGP6;

--64966DC23;

--64966DC80;

--64966DC49;

--64966DC56;

--64966DC64;

--64966DC72;

--649668XC9;

--64966DF20;

--64966DF46;

--64966DF53;

--64966DF79;

--64966C5Y3;

--64966DGX1;

--64966DUD9;

--64966EJP3;

--64966EJQ1;

--64966EJR9;

--64966EJS7;

--64966EJT5;

--64966DK73;

--64966EJU2;

--64966EQK6;

--64966EJV0;

--64966EJW8;

--64966EKH9;

--64966EKJ5;

--64966DHD4;

--64966EKZ9;

--64966ELA3;

--64966ELB1;

--64966ELC9;

--64966ELD7;

--64966ELE5;

--64966DHH5;

--64966ELX3;

--64966ELF2;

--64966ELR6;

--64966ELS4;

--64966DM30;

--64966DN96;

--64966EMD6;

--64966EME4;

--64966EMF1;

--64966DVA4;

--64966EMR5;

--64966EMQ7;

--64966EMS3;

--64966EMP9;

--64966EMZ7;

--64966ENA1;

--64966ENB9;

--64966ENR4;

--64966ENS2;

--64966ENU7.

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.