Summary: New York City; Joint Criteria

S&P Global Ratings raised its ratings to 'AA+/A-1' from 'A+/A-1' on the New York City's fiscal 2004 series H and fiscal 2006 series E and I bonds, and to 'AA+/A-1' from 'A/A-1' on the city's fiscal 2006 series F bonds. At the same time, S&P Global Ratings assigned its 'AA' underlying rating (SPUR) to nine series of New York City's variable-rate general obligation (GO) bonds: Fiscal 2004 series H, subseries H-6 and H-8; Fiscal 2006 series E, subseries E-2, E-3, and E-4; Fiscal 2006 series F, subseries F-3 and F-4A; and Fiscal 2006 series I, subseries I-3 and I-7. The outlook on the GO bonds is stable. Securing the GO debt outstanding is New York City's faith and credit, including

...+ Fiscal 2006 series I, subseries I-3 and I-7. The outlook on the GO bonds is stable. Securing the GO debt outstanding is New York City's faith and credit, including its obligation to levy and collect ad valorem taxes without limitation as to rate or amount. The rating action reflects the application of our joint criteria assuming low correlation. The long-term component of the rating is jointly supported by the '##' SPUR on the city and the long-term rating on the respective letter-of-credit (LOC) providers: Bank of America N.A. for the fiscal 2004 series H and fiscal 2006 series E and I bonds, and Sumitomo Mitsui Banking Corp. (SMBC) for the fiscal 2006 series F bonds. The short-term component of the rating is based solely on the short-term rating on the respective LOC providers. The city is obligated to make all principal and interest payments on the bonds. It is our understanding that upon a default on the payment of debt service by the city, the tender agent shall cause a mandatory...

Summary