New York, March 11, 2015 -- Moody's Investors Service has affirmed the Aa2 rating assigned to the City of New York's General Obligation Bonds, Fiscal 2008 Series J, Subseries J-12 in conjunction with their conversion to fixed rate mode from variable rate mode. On the conversion date, expected to be March 31, we will withdraw the short-term rating currently assigned to the bonds. Concurrently, we have affirmed the long-term underlying Aa2 rating assigned to the city's $100 million outstanding Fiscal 2012 G-4 bonds in conjunction with the substitution of a letter of credit currently provided by PNC Bank, N.A. (A2/P-1) with one provided by Citibank N.A. (A2/P-1). A separate report is forthcoming on the terms of the new letter of credit.

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