New York, March 10, 2016 -- In the Summary Rating Rationale, the last sentence was replaced with the following: "Any related subseries created upon pricing of the deal will also carry the Aa2 rating." In addition, the following has been added as the second paragraph of the Summary Rating Rationale: "In addition, we have affirmed the Aa2 and VMIG 1 ratings on all outstanding New York City Housing Development Corporation Multi-Family Housing Revenue Bonds and New York City Housing Development Corporation Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program) at this time. The outlook on the ratings is stable."

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