New York City 2025 Series C GO Bonds Assigned 'AA' Rating

NEW YORK (S&P Global Ratings) Aug. 16, 2024--S&P Global Ratings assigned its 'AA' long-term rating to New York City's $1.8 billion general obligation (GO) bonds, fiscal 2025 series C, consisting of $1.5 billion tax-exempt GO bonds, subseries C-1 and $300 million federally taxable GO bonds, subseries C-2. The outlook is stable. "The 'AA' rating reflects our view of New York City's substantial economic size and diversity, as well as its very strong management, manageable debt service costs, and very strong institutional framework score," said S&P Global Ratings credit analyst Thomas Zemetis. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures the fiscal 2025 series C

...August 16, 2024 NEW YORK (S&P Global Ratings) Aug. 16, 2024--S&P Global Ratings assigned its '##' long-term rating to New York City's $1.8 billion general obligation (GO) bonds, fiscal 2025 series C, consisting of $1.5 billion tax-exempt GO bonds, subseries C-1 and $300 million federally taxable GO bonds, subseries C-2. The outlook is stable. "The '##' rating reflects our view of New York City's substantial economic size and diversity, as well as its very strong management, manageable debt service costs, and very strong institutional framework score," said S&P Global Ratings credit analyst Thomas Zemetis. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures the fiscal 2025 series C bonds and the GO debt outstanding. Proceeds of the fiscal 2025 series C bonds will be used to finance capital projects of the city and for the payment of certain costs of issuance. As of June 30, 2024, the city had about...

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