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

S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $1.08 billion fiscal 2023 series A general obligation (GO) bonds consisting of approximately $950 million subseries A-1 (tax-exempt) and approximately $125 million subseries A-2 (taxable). At the same time, we affirmed our 'AA' long-term rating on the city's GO debt outstanding; our 'AA-' underlying rating (SPUR) on the city's appropriation debt outstanding, including the Hudson Yards Infrastructure Corp.'s revenue bonds; and 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 components are based on the liquidity support provided by various financial institutions, and where the long-term components are based on joint support. The

...+ S&P Global Ratings assigned its '##' long-term rating to New York City's approximately $1.08 billion fiscal 2023 series A general obligation (GO) bonds consisting of approximately $950 million subseries A-1 (tax-exempt) and approximately $125 million subseries A-2 (taxable). + At the same time, we affirmed our '##' long-term rating on the city's GO debt outstanding; our '##-' underlying rating (SPUR) on the city's appropriation debt outstanding, including the Hudson Yards Infrastructure Corp.'s revenue bonds; and 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 components are based on the liquidity support provided by various financial institutions, and where the long-term components are based on joint support. + The outlook, where applicable, is stable. The Hudson Yards Infrastructure Corp. bond rating carries a positive outlook. (See our report published Oct. 7, 2021, on RatingsDirect.)...

Summary