New York City GO Rating Outlook Revised To Negative On Pandemic-Related Uncertainty

NEW YORK (S&P Global Ratings) Dec. 8, 2020--S&P Global Ratings revised the outlook to negative from stable on New York City's general obligation (GO) and associated appropriation-backed bonds and affirmed its 'AA' long-term rating on the GO debt outstanding. At the same time, we assigned our 'AA' long-term rating to the city's approximately $1.5 billion fiscal 2021 taxable GO bonds consisting of series D and E (amounts to be determined at final pricing). Following this transaction, the city will have about $37 billion of GO debt outstanding. "The negative outlook reflects a one-in-three chance we could lower the rating during the outlook period, which typically spans two years," said S&P Global Ratings credit analyst Nora Wittstruck. "Furthermore, the negative outlook

...December 8, 2020 NEW YORK (S&P Global Ratings) Dec. 8, 2020--S&P Global Ratings revised the outlook to negative from stable on New York City's general obligation (GO) and associated appropriation-backed bonds and affirmed its '##' long-term rating on the GO debt outstanding. At the same time, we assigned our '##' long-term rating to the city's approximately $1.5 billion fiscal 2021 taxable GO bonds consisting of series D and E (amounts to be determined at final pricing). Following this transaction, the city will have about $37 billion of GO debt outstanding. "The negative outlook reflects a one-in-three chance we could lower the rating during the outlook period, which typically spans two years," said S&P Global Ratings credit analyst Nora Wittstruck. "Furthermore, the negative outlook reflects our opinion of uncertainties, such as a recent uptick in the virus transmission rate that could negatively affect the city's financial forecast, the trajectory for global tourism trends and additional...

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