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

S&P Global Ratings assigned its 'A+' long-term and underlying ratings on Hudson Yards Infrastructure Corp. (HYIC), N.Y.'s fiscal 2017 series A (tax exempt) and B (taxable) second-indenture revenue bonds. In addition, we raised our rating on HYIC's outstanding fiscal 2012 series A first-indenture senior revenue bonds two notches to 'AA-' from 'A'. The outlook is stable. The upgrade on the series 2012 series A first-indenture senior revenue bonds reflects increased debt service coverage (DSC) from multiple revenue streams pledged for repayment, as well as a closed first indenture. We also note there has been significant development activity in Hudson Yards since the project's inception. HYIC has not had to rely on city interest support payments in fiscal years 2016 and

...S&P Global Ratings assigned its 'A+' long-term and underlying ratings on Hudson Yards Infrastructure Corp. (HYIC), N.Y.'s fiscal 2017 series A (tax exempt) and B (taxable) second-indenture revenue bonds. In addition, we raised our rating on HYIC's outstanding fiscal 2012 series A first-indenture senior revenue bonds two notches to '##-' from 'A'. The outlook is stable. The upgrade on the series 2012 series A first-indenture senior revenue bonds reflects increased debt service coverage (DSC) from multiple revenue streams pledged for repayment, as well as a closed first indenture. We also note there has been significant development activity in Hudson Yards since the project's inception. HYIC has not had to rely on city interest support payments in fiscal years 2016 and 2017 and we expect recurring and nonrecurring revenues to be sufficient over the next few years to cover debt service. The series 2012 A first-indenture senior revenue bonds are being converted to principal amortizing with...

Summary