S&P Global Ratings assigned its 'AA' long-term rating to New York City's $100 million fiscal 2020 series B-3 general obligation (GO) adjustable-rate remarketed securities (ARRS). The outlook is stable. Proceeds from the fiscal 2020 series B-3 securities will be used to fund various capital purposes. Securing debt service on the fiscal 2020 series B-3 securities is New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount. The fiscal 2020 series B-3 securities are multimodal and will bear interest at the ARRS daily rate mode beginning on the issuance date of Oct. 22, 2019. Jefferies LLC is the remarketing agent, and upon a failed remarketing and if not
