...S&P Global Ratings affirmed its '##+/A-1' rating on New York City's series 2012 A-4 general obligation (GO) bonds (adjustable rate). The affirmation reflects our opinion of the new irrevocable standby letter of credit (LOC) from Sumitomo Mitsui Banking Corp., acting through its New York branch, that replaces the LOC provided by MUFG Bank, effective March 2, 2023. The rating reflects the application of our joint criteria using low correlation. The long-term component of the rating reflects joint support between the irrevocable standby LOC issued by Sumitomo Mitsui Banking Corp., acting through its New York branch, and New York City's '##' long-term GO bond rating. The short-term component of the rating solely reflects the short-term rating of the LOC provider, Sumitomo Mitsui Banking Corp., acting through its New York branch. The city is obligated to make all principal-and-interest payments on the bonds. We understand that upon debt-service-payment default on the bonds by the city, the tender...
