Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to New York City's fixed rate fiscal 2015 tax-exempt subseries F-1 and taxable subseries F-2 and F-3 general obligation (GO) bonds. We understand that officials plan to use F-1 bond proceeds for capital purposes and F-2 and F-3 bond proceeds for discrete capital purposes. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's GO debt outstanding and its 'AA-' rating on the New York City Educational Construction Fund (ECF's) and the Dormitory Authority of the State of New York's (DASNY) court facilities lease revenue bonds outstanding based on the city's appropriation pledge. A state aid intercept mechanism further secures the ECF and DASNY
