NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned ratings to the City of New York's $1,305,790,000 general obligation, fiscal 2008 series J, adjustable rate bonds, subseries J-3 through subseries J-14, as described below. The 'AA-' long-term ratings assigned to subseries J-4, J-5, J-9, J-10, J-11, J-12, J-13 and J-14 are based on the rating assigned by Fitch to the City of New York's general obligation bonds. The city's long-term 'AA-' rating is based on the breadth of the economy, high income levels, strong economic performance and financial operations, and exceptional budget management and controls, including a consistently demonstrated ability and resolve to close budget gaps. The short-term 'F1+' ratings assigned to the aforementioned subseries are based on the standby bond purchase agreements (SBPAs) provided by the banks identified below:--$100 million subseries J-4, SBPA provided by Bank of America, N.A.;
--$101.405 million subseries J-5, SBPA provided by Dexia Credit Local, New York Branch;
--$100 million subseries J-9, SBPA provided by The Bank of Nova Scotia, New York Agency;
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