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Published on 3/14/2008 in the Prospect News Municipals Daily.

Fitch rates New York water bonds AA/F1+

Fitch Ratings said it assigned an AA/F1+ rating and stable outlook to the New York City Municipal Finance Authority's $535 million of water and sewer system revenue bonds, adjustable-rate fiscal 2008 series B.

The issue consists of $200 million of fiscal 2008 subseries B-1, $100 million of fiscal 2008 subseries B-2, $135 million of fiscal 2008 subseries B-3 and $100 million of fiscal 2008 subseries B-4.

The short-term rating is based on four separate standby bond purchase agreements provided by JPMorgan Chase Bank, NA; Lloyds TSB Bank plc, New York Branch; Bank of America, NA; and BNP Paribas.


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