S&P Global Ratings affirmed its 'AA' long-term rating on New York City's general obligation (GO) bonds. In addition, we affirmed our 'AA-' underlying rating (SPUR) on the city's appropriation debt outstanding, excluding the Hudson Yards Infrastructure Corp.'s (HYIC) second indenture bonds, which we rate 'A+'. We affirmed our 'A+' SPUR on the city's moral obligation debt outstanding. Finally, S&P Global Ratings affirmed its ratings on various issuances where the short-term ratings are based on the liquidity support provided by various financial institutions, and where the long-term ratings are based on joint support. The outlook is stable. The stable outlook reflects our opinion of the city's strong credit fundamentals, underpinned by its management team and requirement to maintain a balanced budget
