Summary: Dormitory Authority of the State of New York New York City; Appropriations; General Obligation; Joint Criteria; Liquidity Facility; Moral Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to the New York State Dormitory Authority (DASNY) Municipal Health Facilities' improvement program lease revenue bonds series 2018, issued on behalf of New York City. At the same time, S&P Global Ratings affirmed its 'AA' long-term ratings on all series of the city's general obligation (GO) debt outstanding, its 'AA-' rating on all of the city's appropriation debt outstanding, and its 'A+' rating on the city's moral obligation debt outstanding. The outlook is stable. The bonds are secured by lease rental payments made by the New York City, as lessee, to the authority, as lessor. We rate these obligations one notch lower than the city's general creditworthiness to account for the appropriation

...S&P Global Ratings assigned its '##-' long-term rating to the New York State Dormitory Authority (DASNY) Municipal Health Facilities' improvement program lease revenue bonds series 2018, issued on behalf of New York City. At the same time, S&P Global Ratings affirmed its '##' long-term ratings on all series of the city's general obligation (GO) debt outstanding, its '##-' rating on all of the city's appropriation debt outstanding, and its 'A+' rating on the city's moral obligation debt outstanding. The outlook is stable. The bonds are secured by lease rental payments made by the New York City, as lessee, to the authority, as lessor. We rate these obligations one notch lower than the city's general creditworthiness to account for the appropriation risk associated with the lease payment. New York City will seek appropriations annually out of its operating budget, and has considered the affordability of the lease payment in its long-term plans. The city is required under the lease to include...

Summary