New York City's $1.35 Billion Fiscal 2023 Series B GO Bonds Assigned 'AA' Rating

NEW YORK (S&P Global Ratings) Sept. 23, 2022--S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $950 million fiscal 2023 series B, subseries B-1 general obligation (GO) bonds (tax-exempt) and ap proximately $400 million fiscal 2023 series B, subseries B-2 GO social bonds (taxable). The outlook is stable. "The rating reflects our view of such factors as New York City's extensive economy, very strong management, financial reserves that reached $10.8 billion in fiscal 2021, and manageable debt service costs," said S&P Global Ratings credit analyst Nora Wittstruck. The stable outlook reflects our view of the relatively resilient economy following the shock of the pandemic, benefits from a global presence, and diversified employment in technology, health care,

...September 23, 2022 NEW YORK (S&P Global Ratings) Sept. 23, 2022--S&P Global Ratings assigned its '##' long-term rating to New York City's approximately $950 million fiscal 2023 series B, subseries B-1 general obligation (GO) bonds (tax-exempt) and ap proximately $400 million fiscal 2023 series B, subseries B-2 GO social bonds (taxable). The outlook is stable. "The rating reflects our view of such factors as New York City's extensive economy, very strong management, financial reserves that reached $10.8 billion in fiscal 2021, and manageable debt service costs," said S&P Global Ratings credit analyst Nora Wittstruck. The stable outlook reflects our view of the relatively resilient economy following the shock of the pandemic, benefits from a global presence, and diversified employment in technology, health care, financial services, and arts and entertainment. In addition, we believe the city's commitment to build reserves to a level that exceeds the pre-pandemic amount supports its credit...

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