S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $950 million fiscal 2023 series B, subseries B-1 general obligation (GO) bonds (tax-exempt) and approximately $400 million fiscal 2023 series B, subseries B-2 GO social bonds (taxable). The outlook is stable. At June 30, 2022, the city had about $38.8 billion of GO debt outstanding. 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 fiscal 2023 series B bonds. Proceeds will fund citywide capital expenditures, and the subseries B-2 bond proceeds will reimburse the city for prior expenditures to finance a portion of the construction costs of affordable housing projects. New
