Fitch Affirms New York City's $140MM 2006 Subseries A-9 & A-11 at 'AAA/F1+'.NEW YORK -- Fitch Ratings affirms the 'AAA/F1+' rating assigned to $140,000,000 of the City of New York general obligation bonds, fiscal 2002 series A, taxable adjustable-rate bonds, subseries A-9 and subseries A-11. The bonds originally were rated based on: a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by Financial Guaranty Insurance Company (the Policy) with respect to the 'AAA' long-term rating, and the standby bond purchase agreement (the Standby) provided by FGIC FGIC See Financial Guaranty Insurance Corporation (FGIC). Securities Purchase Inc. with respect to the 'F1+' short-term rating. On Nov. 2, 2006, the Standby will be replaced with a standby provided by Lloyds TSB Bank plc, acting through its New York Branch (Lloyds Standby). The 'AAA' rating continues to be based on the Policy, and effective Nov. 2, 2006, the short-term 'F1+' rating will be based on the Lloyds Standby. The short-term rating will expire on the earlier of: Nov. 1, 2009, unless such date is extended; or any earlier termination of the Lloyds Standby. The remarketing agents are UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for the subseries A-9 bonds and Merrill Lynch & Co., Inc. for the subseries A-11 bonds. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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