Standard & Poor’s on Oct. 17 raised its rating on New York City’s fiscal 2006 subseries H-1 and H-2 variable-rate demand bonds to AA/A-1 from BBB/A-2. The outlook is stable.

“The upgrade follows the substitution of a standby letter of credit covering both subseries provided by Dexia Credit Local with a standby bond purchase agreement provided by JPMorgan Chase Bank N.A.,” said Standard & Poor’s credit analyst Lindsay Wilhelm.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.