Summary: New York City; General Obligation

S&P Global Ratings assigned its 'AA/A-1+' dual rating to New York City's $300 million fiscal 2022 series D, subseries D-3 ($200 million) and D-4 ($100 million), general obligation (GO) adjustable-rate bonds. The outlook is stable. Following these transactions (and in conjunction with the subseries D-1 and D-2 issued concurrently), the city will have about $39 billion of GO debt outstanding. The long-term component of the ratings reflects our GO rating on New York City. The short-term component of the ratings reflects our assessment of the standby bond purchase agreement (SBPA) provided by State Street Bank and Trust Co. The SBPA's purchased period begins on the effective date, May 26, 2022, and provides principal coverage and 35 days' interest at a

...S&P Global Ratings assigned its '##/A-1+' dual rating to New York City's $300 million fiscal 2022 series D, subseries D-3 ($200 million) and D-4 ($100 million), general obligation (GO) adjustable-rate bonds. The outlook is stable. Following these transactions (and in conjunction with the subseries D-1 and D-2 issued concurrently), the city will have about $39 billion of GO debt outstanding. The long-term component of the ratings reflects our GO rating on New York City. The short-term component of the ratings reflects our assessment of the standby bond purchase agreement (SBPA) provided by State Street Bank and Trust Co. The SBPA's purchased period begins on the effective date, May 26, 2022, and provides principal coverage and 35 days' interest at a maximum annual rate of 9% for the purchase price of bonds not successfully remarketed. The SBPA provides bond coverage during the daily, weekly and two-day rate modes (the covered rates), and the initial mode is daily mode. The SBPA for both...

Summary