Summary: New York City; Appropriations; General Obligation; Joint Criteria; Liquidity Facility; Moral Obligation

S&P Global Ratings assigned its 'AA' long-term rating to New York City's fiscal 2018 series C and D general obligation (GO) bonds. The outlook is stable. We understand the city plans to use bond proceeds to refund existing GO debt. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on New York City's GO debt outstanding and its 'AA-' rating on the city's lease revenue bonds. New York City's faith, credit, and unlimited ad valorem pledge secure the GO bonds, while the lease revenue bonds are subject to annual appropriation. Bondholders also benefit from the security of the general debt service fund, with city real estate tax revenue deposited into the fund and retained under a statutory

...S&P Global Ratings assigned its '##' long-term rating to New York City's fiscal 2018 series C and D general obligation (GO) bonds. The outlook is stable. We understand the city plans to use bond proceeds to refund existing GO debt. At the same time, S&P Global Ratings affirmed its '##' long-term rating on New York City's GO debt outstanding and its '##-' rating on the city's lease revenue bonds. New York City's faith, credit, and unlimited ad valorem pledge secure the GO bonds, while the lease revenue bonds are subject to annual appropriation. Bondholders also benefit from the security of the general debt service fund, with city real estate tax revenue deposited into the fund and retained under a statutory formula in an amount sufficient to cover debt service. S&P Global Ratings also affirmed its '##-' rating on the Dormitory Authority of the State of New York's (DASNY) lease revenue bonds outstanding based on the city's appropriation pledge. A state aid intercept mechanism further secures...

Summary