New York City's $1.08 Billion Series D GO Bonds Assigned 'AA' Rating

NEW YORK (S&P Global Ratings) May 12, 2022--S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $1.08 billion fiscal 2022 series D general obligation (GO) bonds: Subseries D-1 in the approximate amount of $950 million (tax-exempt); and Subseries D-2 in the approximate amount of $130 million (taxable). The outlook is stable. The city will use transaction proceeds to fund citywide capital expenditures. "The rating reflects our view of such factors as New York City's extensive economy, very strong management, and manageable debt service costs," said S&P Global Ratings credit analyst Nora Wittstruck. New York City benefits from a governance opportunity under the Financial Emergency Act that requires maintenance of a balanced budget and strong planning practices

...May 12, 2022 NEW YORK (S&P Global Ratings) May 12, 2022--S&P Global Ratings assigned its '##' long-term rating to New York City's approximately $1.08 billion fiscal 2022 series D general obligation (GO) bonds: - Subseries D-1 in the approximate amount of $950 million (tax-exempt); and - Subseries D-2 in the approximate amount of $130 million (taxable). The outlook is stable. The city will use transaction proceeds to fund citywide capital expenditures. "The rating reflects our view of such factors as New York City's extensive economy, very strong management, and manageable debt service costs," said S&P Global Ratings credit analyst Nora Wittstruck. New York City benefits from a governance opportunity under the Financial Emergency Act that requires maintenance of a balanced budget and strong planning practices that mitigate risk and ensure that outyear budget gaps are addressed in the financial plan. Additionally, the city established a formal rainy day reserve in fiscal 2021, which bolsters...

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