...S&P Global Ratings assigned its '##' long-term rating to New York City's approximately $121.5 million fiscal 2008 series L, subseries L-6. The city is converting this series of bonds from index-rate mode to fixed-rate mode on April 18, 2019. The outlook is stable. New York City's faith, credit, and unlimited ad valorem tax revenue secure the GO bonds outstanding. The rating action incorporates our view of recent events affecting the city's economic and financial profile, including Amazon's decision not to locate a second headquarters within city limits, the release of the city's preliminary 2020 budget and five-year financial plan, and recently announced spending initiatives, most significantly the NYC Care program. We also view the passage of New York State's fiscal 2020 budget as supportive of the city's operations through the expansion of sales tax collections on internet purchases. Although details of congestion pricing implementation are not yet determined, we will monitor the effect...
