S&P Global Ratings has assigned its 'AA' long-term rating and stable outlook to New York City's fiscal 2016 series E and F general obligation (GO) bonds. We understand officials plan to use proceeds to refund various series of GO debt for debt service savings. 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. The 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
