...Standard & Poor's Ratings Services has assigned its '##' long-term rating to New York City's fiscal 2016 series A and B general obligation (GO) bonds. The bonds will be issued as multimodal bonds in the fixed-rate mode. We understand officials plan to use proceeds to refund various series of GO debt for debt service savings. At the same time, Standard & Poor's affirmed its '##' long-term rating on New York City's GO debt outstanding and its '##-' rating on the city's lease revenue bonds outstanding. 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. Standard & Poor's also affirmed its '##-' rating on the Dormitory Authority of the State of New York's lease revenue bonds outstanding...
