New York City's 2018F General Obligation Bonds Assigned 'AA' Rating; Other Ratings Affirmed

NEW YORK (S&P Global Ratings) April 6, 2018--S&P Global Ratings assigned its 'AA' long-term rating to New York City's fiscal 2018 series F bonds (subseries tax-exempt F-1, taxable F-2, and taxable F-3) general obligation (GO) bonds. Concurrent with the issuance of these bonds, the city is converting fiscal 2004 subseries tax-exempt A-2 variable-rate bonds outstanding into fixed-rate bonds; we are affirming our existing 'AA' long-term GO ratings on these series and on all series of the city's GO debt outstanding The outlook is stable. New York City's faith, credit, and unlimited ad valorem pledge secure the new money and existing GO bonds. We understand the city plans to use bond proceeds from the fiscal 2018 series F bonds for various

...NEW YORK (S&P Global Ratings) April 6, 2018--S&P Global Ratings assigned its '##' long-term rating to New York City's fiscal 2018 series F bonds (subseries tax-exempt F-1, taxable F-2, and taxable F-3) general obligation (GO) bonds. Concurrent with the issuance of these bonds, the city is converting fiscal 2004 subseries tax-exempt A-2 variable-rate bonds outstanding into fixed-rate bonds; we are affirming our existing '##' long-term GO ratings on these series and on all series of the city's GO debt outstanding The outlook is stable. New York City's faith, credit, and unlimited ad valorem pledge secure the new money and existing GO bonds. We understand the city plans to use bond proceeds from the fiscal 2018 series F bonds for various capital purposes. "Our affirmation of the GO rating reflects our view of the city's ongoing economic and financial stability amid the recent enactment of the State of New York's fiscal 2019 budget," said S&P Global Ratings credit analyst Rahul Jain. We anticipate...

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