...S&P Global Ratings assigned its '##' long-term rating and stable outlook to New York City's fiscal 2017 series B, subseries B-1, subseries B-2 and subseries B-3 general obligation (GO) bonds. Concurrent with the issuance of these bonds, the city expects to convert from variable-rate to fixed-rates its fiscal 2008 series J, subseries J-7 and J-9 bonds. S&P Global Ratings expects it will also assign its '##' long-term rating to those bonds. We understand the city plans to use proceeds of the new money bonds for capital purposes. At the same time, 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 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...
