OREANDA-NEWS. On the effective date April 22, 2015, Fitch Ratings will confirm the short-term 'F1' rating assigned to the New York City General Obligation Bonds Fiscal 2008 series L, \$145,400,000 subseries 2008 L-5, Adjustable Rate Bonds. The rating action is in connection with the substitution of the liquidity support provided by Dexia Credit Local (rated 'A/F1'; Negative Outlook) in the form of Standby Bond Purchase Agreement (SBPA), with a substitute SBPA to be issued by Bank of America, N.A. (rated 'A/F1'; Negative Outlook) which will occur on April 22, 2015.

KEY RATING DRIVERS

On the effective date, the short-term 'F1' rating will be based on the liquidity support provided by Bank of America, in the form of a substitute SBPA. The long-term rating continues to be based on the 'AA' rating assigned by Fitch to the New York City general obligation bonds. The Rating Outlook is stable, for the long-term rating. For more information on the long-term rating, see the report dated March 9, 2015, available on Fitch's website at www.fitchratings.com.

The substitute SBPA provides for the payment of the principal component of purchase price plus an amount equal to 35 days of interest calculated at a maximum rate of 9%, based on a year of 365 days for tendered bonds during the daily or weekly rate modes in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender. The substitute SBPA will expire on April 20, 2018, the stated expiration date, unless such date is extended, conversion to a mode other than the daily or weekly rate; or upon the occurrence of certain events of default which result in a mandatory tender or other events of default related to the credit of the bonds which result in an automatic and immediate termination. The short-term 'F1' rating will expire upon the expiration or prior termination of the SBPA, or conversion to a mode other than daily or weekly rate. Merrill Lynch, Pierce, Fenner & Smith Incorporated will serve as the remarketing agent for the bonds.

RATING SENSITIVITIES

The short-term rating reflects the short-term rating that Fitch maintains on the bank providing liquidity support, and will be adjusted upward or downward in conjunction with the short-term rating of the bank and, in some cases, the long-term rating of the bonds. The long-term rating is exclusively tied to the creditworthiness of the bond obligor and will reflect all changes to that rating.