...Sale Date: Week of August 5th Series: $1.35 billion Future Tax Secured (FTS) Subordinate Bonds, Fiscal 2020 Series A Purpose: To finance general city capital expenditures and cost of issuance. Security: Payable from revenues derived from a personal income tax (PIT) and a sales and use tax imposed by New York City, as authorized by New York State. The `AAA' ratings on the senior and subordinate future tax secured (FTS) revenue bonds of the New York City Transitional Finance Authority (TFA) reflect the robust growth prospects for pledged revenues, and highly resilient structure that Fitch anticipates could withstand a moderate economic downturn and maintain solid debt service coverage. Fitch's analysis indicates resilience would be strong even if New York City fully leveraged the future tax secured revenues up to their legally permitted amount, but issuance will likely fall well below that level as excess revenues flow to the city for general operations. Fitch recently published an exposure...
