Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's fiscal 2015 series A and B fixed-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 understand that officials plan to use proceeds to refund various bond series for interest rate savings. The 'AA' rating
