Build NYC Resource Corporation -- Moody's reviews amendment and partial defeasance of Build NYC Resource Corporation Variable Rate Demand Revenue Bonds, Series 2008B

New York, April 22, 2015 -- Moody's affirms the A2/ VMIG 1 rating on the Build NYC Resource Corporation Variable Rate Demand Revenue Bonds (Cobble Hill Health Center, Inc.), Series 2008B-1, 2008B-2 and 2008B-3 (collectively the Bonds). The A2 long-term rating remains under review for upgrade. Moody's, at the request of the Build NYC Resource Corporation (the "Issuer"), has reviewed (i) the amendment to the loan agreement and (ii) partial defeasance, both dated as of April 22, 2015 to the Bonds. The Bonds are supported by a letter of credit (LOC) provided by Bank of America, N.A. (the Bank). Moody's currently rates the Bank's long-term and short-term senior unsecured obligations A2 (under review for upgrade) and P-1, respectively. Upon assignment of the Counterparty Risk Assessment (CR Assessment), Moody's will replace the long-term and short-term ratings of the Bank with the CR Assessment of the Bank as an input to the LOC-backed ratings.

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