Summary: New York City; General Obligation

S&P Global Ratings raised the short-term component of its dual ratings on New York City's fiscal 2017 series A general obligation (GO) bonds, subseries A-5 and A-6, to 'AA/A-1' from 'AA/A-2'. The outlook is stable. This rating action reflects our assessment of the replacement of the standby-bond-purchase-agreements (SBPAs) for each series provided by Landesbank Hessen-Thüringen Girozentrale, acting through its New York branch, with a new SBPA covering both series provided by JPMorgan Chase Bank N.A. on Aug. 2, 2021. The long-term component of the ratings continues to reflect our 'AA' long-term rating on NYC's GO debt. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures

...S&P Global Ratings raised the short-term component of its dual ratings on New York City's fiscal 2017 series A general obligation (GO) bonds, subseries A-5 and A-6, to '##/A-1' from '##/A-2'. The outlook is stable. This rating action reflects our assessment of the replacement of the standby-bond-purchase-agreements (SBPAs) for each series provided by Landesbank Hessen-Thnringen Girozentrale, acting through its New York branch, with a new SBPA covering both series provided by JPMorgan Chase Bank N.A. on Aug. 2, 2021. The long-term component of the ratings continues to reflect our '##' long-term rating on NYC's GO debt. New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount, secures the GO debt outstanding. The short-term component of the ratings reflects our short-term rating on JPMorgan Chase Bank, N.A. The new SBPA covers principal and 35 days' interest at a maximum annual rate of 9% for the purchase price...

Summary