Standard&Poor's Ratings Services assigned its 'AA' long-term rating to New York City's series 2014I-3 index-rate general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's GO debt. The outlook is stable. The city's faith, credit, and unlimited ad valorem pledge secure the bonds. Bondholders benefit from the security of the general debt service fund established by state statute, with city real estate tax revenue deposited into the fund and retained under a statutory formula in an amount sufficient to cover debt service. We expect that, on or around March 25, 2014, the city will issue approximately $200 million in series I-3 bonds, subject to a direct purchase agreement (DPA)
