S&P Global Ratings has assigned its 'AAA/A-1+'rating to New York City's general obligation bonds fiscal 2018 series E-5. The long-term component of the ratings for each of the series is based on the application of joint criteria and assumes low correlation. The long-term portion of the dual rating is based on the general obligation pledge of the obligor and the standby letter of credit (LOC), provided by TD Bank, N.A. The short-term component of the dual rating on the bonds will reflect the short-term rating on the LOC provider. The LOC provides coverage for the payment of purchase price for optional and mandatory tenders upon a failed remarketing at 35 days of interest coverage at 9%. Under this structure, the
