S&P Global Ratings assigned its 'AA' long-term rating to New York City's approximately $700 million fiscal 2024 series B, subseries B-1 general obligation (GO) social bonds (taxable) and approximately $235 million fiscal 2024 series B, subseries B-2 GO bonds (taxable). The outlook is stable. As of June 30, 2023, the city had about $40.1 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 2024 series B bonds and the GO debt outstanding. Proceeds of the subseries B-2 bonds will fund citywide capital expenditures, and the subseries B-1 bond proceeds will reimburse the city for prior expenditures to finance
