Summary: New York City; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to New York City's $259.4 million fiscal 2021 series 2 and 3 general obligation (GO) adjustable-rate remarketed securities (ARRS). The outlook is negative. On March 24, 2021, the conversion date, a portion of the fiscal 2012, subseries G-3, G-4, and G-7 GO adjustable rate bonds will be converted to ARRS and redesignated as the fiscal 2021 series 2 and 3 bonds. 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 fiscal 2021 series 2 and 3 securities are multimodal and will bear interest at the ARRS daily rate mode beginning

...S&P Global Ratings assigned its '##' long-term rating to New York City's $259.4 million fiscal 2021 series 2 and 3 general obligation (GO) adjustable-rate remarketed securities (ARRS). The outlook is negative. On March 24, 2021, the conversion date, a portion of the fiscal 2012, subseries G-3, G-4, and G-7 GO adjustable rate bonds will be converted to ARRS and redesignated as the fiscal 2021 series 2 and 3 bonds. 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 fiscal 2021 series 2 and 3 securities are multimodal and will bear interest at the ARRS daily rate mode beginning on the reoffering date of March 24, 2021. BofA Securities Inc. is the remarketing agent for series 2, and Barclays Inc. is the remarketing agent for series 3. Upon a failed remarketing and if not purchased by the city, the securities will bear interest at 12%. Furthermore, if the remarketing...

Summary