Summary: New York City; General Obligation; Joint Criteria

Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's fiscal 2015 series C and D tax-exempt and fiscal 2015 series E taxable general obligation (GO) bonds. The bonds will be issued as multi-modal bonds in the fixed rate mode. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's GO debt outstanding and its 'A+' rating on the New York City Health and Hospital Corp.'s (HHC) debt outstanding. The city's faith, credit, and unlimited ad valorem pledge secure the GO bonds. Bondholders benefit from the security of the general debt service fund established by state statute, with city real estate tax revenue deposited into the fund and

...Standard & Poor's Ratings Services assigned its '##' long-term rating, and stable outlook, to New York City's fiscal 2015 series C and D tax-exempt and fiscal 2015 series E taxable general obligation (GO) bonds. The bonds will be issued as multi-modal bonds in the fixed rate mode. At the same time, Standard & Poor's affirmed its '##' long-term rating on the city's GO debt outstanding and its 'A+' rating on the New York City Health and Hospital Corp.'s (HHC) debt outstanding. The city's faith, credit, and unlimited ad valorem pledge secure the GO bonds. Bondholders benefit from the security of the general debt service fund established by state statute, with city real estate tax revenue deposited into the fund and retained under a statutory formula in an amount sufficient to cover debt service. We understand that officials plan to use proceeds of the fiscal 2015 series C and D bonds to refund various bond series for interest rate savings and proceeds of the series E bonds to provide new money...

Summary