New York City's Fiscal 2021 Series A And B Bonds Assigned 'AA' Rating

NEW YORK (S&P Global Ratings) Aug. 24, 2020--S&P Global Ratings assigned its 'AA' long-term rating to New York City's $1.38 billion fiscal 2021 series A and series B consisting of the following: Subseries A-1 (approximately $908.1 million, tax-exempt); Subseries A-2 (approximately $160 million, taxable); Subseries B-1 (approximately $168.7 million, tax-exempt); and Subseries B-2 (approximately $144.2 million, taxable). The outlook is stable. Bond proceeds will refund GO bonds outstanding to lower overall debt service requirements. The stable outlook reflects our opinion of the city's strong credit fundamentals, underpinned by its management team and requirement to maintain a balanced budget on a generally accepted accounting principles basis. "The rating reflects our view of such factors as New York City's very strong economy,

...August 24, 2020 NEW YORK (S&P Global Ratings) Aug. 24, 2020--S&P Global Ratings assigned its '##' long-term rating to New York City's $1.38 billion fiscal 2021 series A and series B consisting of the following: - Subseries A-1 (approximately $908.1 million, tax-exempt); - Subseries A-2 (approximately $160 million, taxable); - Subseries B-1 (approximately $168.7 million, tax-exempt); and - Subseries B-2 (approximately $144.2 million, taxable). The outlook is stable. Bond proceeds will refund GO bonds outstanding to lower overall debt service requirements. The stable outlook reflects our opinion of the city's strong credit fundamentals, underpinned by its management team and requirement to maintain a balanced budget on a generally accepted accounting principles basis. "The rating reflects our view of such factors as New York City's very strong economy, despite deterioration in economic conditions and employment levels within the region and the Tri-State area that may last longer and recover...

Ratings Action