Summary: New York City Housing Development Corp.; Convertible Option Bonds; Multifamily Whole Loan; Other Oct 10

Standard & Poors, October 2010

Abstract
Standard & Poor's Rating Services withdrew the 'A-1' short-term component of its ratings on New York City Housing Development Corp.'s (NYCHDC) multifamily housing revenue bonds series 2008A-1-A and series 2008H-2-A, indicating that each series of bonds is being remarketed to a fixed-rate mode on Oct. 26, 2010. The long-term component of the ratings remains at 'AA'. The bonds are part of the corporation's large parity resolution, which serves as the basis for all of the ratings issued. In addition, all parity debt ratings are affirmed at 'AA'. The ratings reflect our view of NYCHDC's: Very strong credit quality of the mortgage loan portfolio; Strong coverage of credit shortfalls through excess assets within the parity resolution; Investments maturing when needed and...

Companies mentioned in this report are:
- New York City Hsg Dev Corp

Action: Affirmed
Action: Withdrawn

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New York City Hsg Dev Corp

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