S&P Global Ratings assigned its 'AA' long-term rating to New York City's fiscal 2018 series A general obligation (GO) bonds. Concurrently, the city is converting $60 million of taxable fiscal 2002 series A, subseries A-10 bonds to fixed rate from variable-rate; S&P Global Ratings is affirming its 'AA' rating on these bonds. The outlook is stable. The city's faith, credit, and unlimited ad valorem pledge secure the GO bonds. We understand the city plans to use proceeds to refund existing GO bonds. The 'AA' GO rating reflects our view of New York City's: Strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Adequate budgetary performance, with break-even operating results in the general fund but an operating
