S&P Global Ratings assigned its 'AA+/A-1' rating to New York City's general obligation (GO) bonds fiscal 2017 subseries A-4 and its 'AA/A-2' rating to the city's GO bonds fiscal 2017 subseries A-7, based on the application of joint criteria (assuming low correlation). In addition, S&P Global Ratings assigned its 'AA' underlying rating (SPUR) to each subseries A-4 and A-7. The long-term component of the rating is jointly (assuming low correlation) supported by the GO pledge of New York City and the long-term ratings on the letter of credit (LOC) providers: Citibank, N.A. (A/A-1) for subseries A-4, and Bank of the West (A-/A-2) for subseries A-7. The short-term components of the ratings are based solely on the short-term ratings on the
