...February 13, 2023 CHICAGO (S&P Global Ratings) Feb. 13, 2023--S&P Global Ratings affirmed its '##+/A-1' rating on New York City's series 2017A-7 general obligation (GO) bonds and removed it from CreditWatch with positive implications where S&P Global Ratings placed it on March 19, 2022. The rating action follows S&P Global Ratings' removal of the ratings on Bank of the West after its merger with BMO Harris Bank N.A. on Feb. 3, 2023. (For more information, see "Bank of the West Rating Raised Then Withdrawn Following Acquisition By Bank of Montreal," published Feb. 3, 2023, on RatingsDirect.) The long-term component of the rating reflects the application of our joint criteria and assumes low correlation between the underlying rating (SPUR) of the obligor, New York City, and our long-term issuer credit rating (ICR) on BMO Harris Bank N.A.; the rating also addresses our expectation of full and timely interest-and-principal payments when bondholders have not exercised the put option. The short-term...
