S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $1.19 billion fiscal 2023 series E general obligation (GO) bonds, consisting of tax-exempt subseries E-1 ($950 million) and taxable subseries E-2 ($240 million). The outlook is stable. As of Dec. 31, 2022, the city had about $39.3 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 E bonds. The city will use transaction proceeds for citywide capital purposes. The 'AA' rating reflects our view of New York City's substantial economic size, including a population of 8.8 million (2020 census) across Bronx, Kings, Queens,
