NEW YORK (Standard&Poor's) Sept. 23, 2013--Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to New York City's fiscal 2014 subseries D-1 tax-exempt bonds and subseries D-2 taxable general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' rating, with a stable outlook, on the city's existing GO debt. The ratings are pursuant to our recently released local GO criteria. The city's faith, credit, and unlimited ad valorem pledge secures the bonds. Bondholders benefit from the security of the general debt service fund established by state statute, with city real estate tax revenue deposited into the fund and retained under a statutory formula in an amount sufficient to cover debt service.
