...NEW YORK (S&P Global Ratings) July 21, 2017--S&P Global Ratings assigned its '##' long-term rating to New York City's fiscal 2018 series A general obligation (GO) bonds. Concurrently, the city is converting $60 million of taxable fiscal 2002 series A, subseries A-10 bonds to fixed rate from variable-rate; we are affirming the '##' rating on these bonds. The outlook is stable. We understand the city plans to use proceeds to refund existing GO bonds. The '##' GO rating reflects our view of New York City's: + Strong economy; + Adequate budgetary performance; + Very strong management; + Strong budgetary flexibility; + Very strong liquidity; + Very weak debt and contingent liability profile; and + Very strong institutional framework score. The city's very weak debt profile and its large pension and other postemployment benefit obligations offset these strengths, in our view. New York City's economy remains robust, because it serves as the economic engine for the Mid-Atlantic region. Its major...
