...NEW YORK (S&P Global Ratings) May 25, 2016--S&P Global Ratings raised its rating on New York City's fiscal 2006 subseries I-4 general obligation (GO) bonds to '###/A-1+' from '##/A-1+'. This action reflects the May 26, 2016, replacement of the letter of credit (LOC) that CalPERs (A-1+) had provided with a new LOC from TD Bank N.A. (##-/A-1+). The long-term component of the rating reflects the application of joint criteria (assuming low correlation) on New York City, the obligor, and the new LOC provider, TD Bank NA. The short-term component of the rating reflects only our short-term issuer credit rating on TD Bank N.A. (A-1+). The new LOC covers principal and 35 days' interests at a maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The LOC is due to expire on May 24, 2019, unless extended or terminated beforehand. The LOC provider's obligation to purchase unremarketed tendered bonds while the bonds bear interest in the daily, two-day, and weekly...
