S&P Global Ratings raised its rating on New York City's fiscal 2006 subseries I-4 general obligation (GO) bonds to 'AAA/A-1+' from 'AA/A-1+'. This action reflects the May 26, 2016, replacement of the letter of credit (LOC) that CalPERs (A-1+) had provided with a new LOC from TD Bank N.A. (AA-/A-1+). The long-term component of the rating reflects the application of joint criteria (assuming low correlation) on New York City, the obligor, and the new LOC provider, TD Bank NA. The short-term component of the rating reflects only our short-term issuer credit rating on TD Bank N.A. (A-1+). The new LOC covers principal and 35 days' interests at a maximum 9% annual rate for the purchase price of bonds that are
