...July 25, 2024 NEW YORK (S&P Global Ratings) July 25, 2024--S&P Global Ratings assigned its '##' long-term rating to New York City's $1.134 billion fiscal 2025 series A and $24.175 million fiscal 2025 series B general obligation (GO) bonds. The outlook is stable. 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 A and B bonds and the GO debt outstanding. Proceeds of the fiscal 2025 series A and B bonds will refund certain bonds for debt service savings. As of June 30, 2024, the city had about $39.7 billion of GO debt outstanding. "The '##' rating reflects our view of New York City's substantial economic size and diversity, with the city boasting a population of 8.3 million (2023 census estimate)," said S&P Global Ratings credit analyst Thomas Zemetis. The New York City metropolitan area's GDP remains the highest across the U.S.' 10 largest metropolitan areas at approximately...
