S&P Global Ratings assigned its 'AA' long-term rating to New York City's $75 million fiscal 2012 series G, subseries G-5 general obligation (GO) bonds, which will be converted from index rate mode to adjustable-rate remarketed securities (ARRS) on March 24, 2020 following a mandatory tender. The outlook is stable. Securing debt service on the ARRS 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 securities are multimodal and will bear interest at the ARRS daily rate mode beginning on the issuance date of March 24, 2020. Barclays Capital Inc. is the remarketing agent, and upon a failed remarketing and if not purchased by the
