Summary: New York City; General Obligation

S&P Global Ratings has assigned its 'AA/A-1+' rating to New York City's general obligation (GO) bonds, fiscal 2012 series D, subseries D-3A. The rating action reflects our assessment of the replacement of the letter of credit provided by California Public Employees' Retirement System with a new standby bond purchase agreement (SBPA) provided by The Bank of New York Mellon (A-1+). The rating's long-term component reflects our view of the New York GO bonds (AA/Stable) credit characteristics. The rating's short-term component reflects our view of the liquidity support in the form of the SBPA from The Bank of New York Mellon. The SBPA has an effective date of Oct. 31, 2017, and covers principal and 35 days' interest at a maximum

...S&P Global Ratings has assigned its '##/A-1+' rating to New York City's general obligation (GO) bonds, fiscal 2012 series D, subseries D-3A. The rating action reflects our assessment of the replacement of the letter of credit provided by California Public Employees' Retirement System with a new standby bond purchase agreement (SBPA) provided by The Bank of New York Mellon (A-1+). The rating's long-term component reflects our view of the New York GO bonds (##/Stable) credit characteristics. The rating's short-term component reflects our view of the liquidity support in the form of the SBPA from The Bank of New York Mellon. The SBPA has an effective date of Oct. 31, 2017, and covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully remarketed. The SBPA covers bonds in the daily, two-day, and weekly interest-rate modes. The SBPA is scheduled to expire Oct. 30, 2020, at which time we will remove the rating's short-term component unless...

Summary