S&P Global Ratings affirmed its 'AA/A-1+' rating on New York City's fiscal 2006 subseries I-4 general obligation (GO) bonds. The outlook is stable. The affirmation follows our review of documents related to an upcoming substitution of a letter of credit (LOC) currently being provided by CalPERs (A-1+) with a new LOC from TD Bank, N.A. (AA-/A-1+). The long-term component of the rating reflects our rating on the obligor, New York City (AA/Stable).The short-term component of the rating reflects the short-term rating on CalPERs. We did not apply our joint-support methodology because CalPERs does not have a long-term issuer credit rating (ICR). As of the substitution date, currently expected on May 26, 2016, the long-term component of the rating will reflect
