New York City Variable-Rate Bond Ratings Revised And Reinstated

NEW YORK (S&P Global Ratings) July 16, 2020--S&P Global Ratings said today that it corrected the following ratings on three series of New York City variable-rate bonds as follows reflecting only the ratings of the letters of credit (LOC) providers: We revised the rating on series 2004H-6 (CUSIP 64966CH20) and 2004H-8 (CUSIP 64966CH46) to 'A+/A-1' from 'AA'. The dual rating reflects the long-term rating and short-term rating on Bank of America. The bonds for the two series are backed by LOCs provided by Bank of America. We reinstated the dual rating on series 2006F-3 (CUSIP 64966FNJ9). The reinstated 'A/A-1' dual rating reflects the long-term rating and short-term rating on Sumitomo Mitsui Banking Corp. The bonds for this series are backed

...July 16, 2020 NEW YORK (S&P Global Ratings) July 16, 2020--S&P Global Ratings said today that it corrected the following ratings on three series of New York City variable-rate bonds as follows reflecting only the ratings of the letters of credit (LOC) providers: - We revised the rating on series 2004H-6 (CUSIP 64966CH20) and 2004H-8 (CUSIP 64966CH46) to 'A+/A-1' from '##'. The dual rating reflects the long-term rating and short-term rating on Bank of America. The bonds for the two series are backed by LOCs provided by Bank of America. - We reinstated the dual rating on series 2006F-3 (CUSIP 64966FNJ9). The reinstated 'A/A-1' dual rating reflects the long-term rating and short-term rating on Sumitomo Mitsui Banking Corp. The bonds for this series are backed by an LOC provided by Sumitomo. The errors relating to the series 2004H-6 and 2004H-8 occurred on March 19, 2013, when we assigned a long-term general obligation rating to a portion of the two series that had been partly converted to...

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