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

S&P Global Ratings assigned its 'AA' long-term rating and stable outlook to New York City's fiscal 2017 series A (tax-exempt subseries A-1 and taxable subseries A-2 and A-3) general obligation (GO) bonds. We understand officials plan to use proceeds for capital purposes. S&P Global Ratings also assigned its 'AA' rating to the city's fiscal 2017 series 1 GO bonds based upon the expected conversion of the fiscal 1994 series C and subseries E-2 adjustable-rate bonds to the fixed-rate mode on Aug. 18, 2016. Concurrent with the issue of the subseries A-1, A-2, and A-3 fixed-rate bonds and conversion of the fiscal 1994 series C and subseries E-2 adjustable-rate bonds, the city plans to issue fiscal 2017 subseries A-4 through A-7

...S&P Global Ratings assigned its '##' long-term rating and stable outlook to New York City's fiscal 2017 series A (tax-exempt subseries A-1 and taxable subseries A-2 and A-3) general obligation (GO) bonds. We understand officials plan to use proceeds for capital purposes. S&P Global Ratings also assigned its '##' rating to the city's fiscal 2017 series 1 GO bonds based upon the expected conversion of the fiscal 1994 series C and subseries E-2 adjustable-rate bonds to the fixed-rate mode on Aug. 18, 2016. Concurrent with the issue of the subseries A-1, A-2, and A-3 fixed-rate bonds and conversion of the fiscal 1994 series C and subseries E-2 adjustable-rate bonds, the city plans to issue fiscal 2017 subseries A-4 through A-7 multimodal variable-rate bonds to raise $382 million. 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. The city's faith, credit, and unlimited ad valorem pledge secure...

Summary