S&P Global Ratings assigned its 'AA' long-term rating to New York City's $1.8 billion general obligation (GO) bonds, fiscal 2025 series C, consisting of $1.5 billion tax-exempt GO bonds, subseries C-1 and $300 million federally taxable GO bonds, subseries C-2. The outlook is stable. 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 2025 series C bonds and the GO debt outstanding. Proceeds of the fiscal 2025 series C bonds will be used to finance capital projects of the city and for the payment of certain costs of issuance. As of June 30, 2024, the city had about $41.7 billion of GO debt
