NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned 'AA-/F1+' ratings to the City of New York's $475,400,000 general obligation bonds, fiscal 2008 series L, adjustable-rate bonds, subseries L-3 through subseries L-6, as described below. In addition, Fitch affirms approximately $34 billion in outstanding New York City GO bonds at 'AA-'. The Rating Outlook is Stable. 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:--$80 million subseries L-3, SBPA provided by Bank of America, N.A.;
--$100 million subseries L-4, SBPA provided by DEPFA Bank, plc, New York Branch;
--$145.4 million subseries L-5, SBPA provided by Dexia Credit Local, New York Branch; and
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