Summary: Hudson Yards Infrastructure Corp., New York; Appropriations; Sales Tax

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'A+' on Hudson Yards Infrastructure Corp. (HYIC), N.Y.'s fiscal 2017 series A (tax-exempt) and B (taxable) second-indenture revenue bonds. At the same time, we assigned our 'AA-' long-term rating to HYIC's approximately $452 million fiscal 2022 series A revenue bonds. Finally, we affirmed our 'AA-' SPUR on HYIC's fiscal 2012 series A bonds outstanding, which we expect the fiscal 2022 series A bond proceeds to defease. The outlook is positive. The rating action reflects our view of the progress and ongoing development within Hudson Yards, which has reduced the reliance on city-appropriated revenue and support for payment of debt service on the HYIC's bonds. The rating

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to '##-' from 'A+' on Hudson Yards Infrastructure Corp. (HYIC), N.Y.'s fiscal 2017 series A (tax-exempt) and B (taxable) second-indenture revenue bonds. At the same time, we assigned our '##-' long-term rating to HYIC's approximately $452 million fiscal 2022 series A revenue bonds. Finally, we affirmed our '##-' SPUR on HYIC's fiscal 2012 series A bonds outstanding, which we expect the fiscal 2022 series A bond proceeds to defease. The outlook is positive. The rating action reflects our view of the progress and ongoing development within Hudson Yards, which has reduced the reliance on city-appropriated revenue and support for payment of debt service on the HYIC's bonds. The rating action also takes into consideration termination of the 2006 trust indenture with only the May 1, 2017, trust indenture outstanding after closing; the series 2017 and 2022 bonds are issued under the 2017 trust indenture on parity with...

Summary