S&P Global Ratings assigned its 'AA/A-1' dual rating to New York City's $200 million fiscal 2023 series A, subseries A-3 general obligation (GO) adjustable-rate bonds. At the same time, we assigned our 'AA/A-1+' dual rating to the city's $100 million fiscal 2023, series A, subseries A-4 GO adjustable-rate bonds. The outlook is stable. At the beginning of fiscal 2023, the city had about $38.9 billion of GO debt outstanding. The long-term component of the ratings reflects our GO rating on New York City with debt service payable from its faith and credit pledge. The short-term component of the ratings on subseries A-3 and subseries A-4 reflects our assessment of each of the respective standby bond purchase agreement (SBPA) provider's short-term
