Summary: New York City; General Obligation

S&P Global Ratings raised the short-term component of its dual rating on New York City's general obligation (GO) bonds, fiscal 2019 series D subseries D-4, to 'AA/A-1+' from 'AA/A-1'. The outlook is stable. The rating action reflects our assessment of the replacement of the existing standby bond purchase agreement (SBPA) provided by Barclays Bank PLC with a new SBPA provided by State Street Bank&Trust Co., effective Jan. 19, 2023. The long-term component of the rating will continue to reflect our rating on New York City's GO debt. The short-term component of the rating solely reflects the short-term rating on State Street Bank&Trust Co. The new SBPA covers principal and 35 days' interest at a maximum 9%

...S&P Global Ratings raised the short-term component of its dual rating on New York City's general obligation (GO) bonds, fiscal 2019 series D subseries D-4, to '##/A-1+' from '##/A-1'. The outlook is stable. The rating action reflects our assessment of the replacement of the existing standby bond purchase agreement (SBPA) provided by Barclays Bank PLC with a new SBPA provided by State Street Bank & Trust Co., effective Jan. 19, 2023. The long-term component of the rating will continue to reflect our rating on New York City's GO debt. The short-term component of the rating solely reflects the short-term rating on State Street Bank & Trust Co. The new SBPA covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully remarketed. The SBPA provides coverage for the bonds during the daily, weekly, and two-day interest-rate modes. The SBPA expires Jan. 19, 2028, at which time we will remove the short-term component of the rating unless the...

Summary