Summary: New York City; Liquidity Facility

S&P Global Ratings has assigned its 'AA/A-2' rating to the City of New York's general obligation (GO) bonds, fiscal 2018 series B, subseries B-4 and B-5 following the issuance of a standby bond purchase agreement (SBPA) provided by Barclays Bank PLC. The outlook is stable. The rating's long-term component on the bonds reflects our view of New York City GO bonds' credit characteristics. The rating's short-term component reflects our view of the liquidity support in the form of the SBPA from Barclays Bank. The SBPA has an effective date of Oct. 3, 2017, and covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The SBPA covers

...S&P Global Ratings has assigned its '##/A-2' rating to the City of New York's general obligation (GO) bonds, fiscal 2018 series B, subseries B-4 and B-5 following the issuance of a standby bond purchase agreement (SBPA) provided by Barclays Bank PLC. The outlook is stable. The rating's long-term component on the bonds reflects our view of New York City GO bonds' credit characteristics. The rating's short-term component reflects our view of the liquidity support in the form of the SBPA from Barclays Bank. The SBPA has an effective date of Oct. 3, 2017, and covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The SBPA covers bonds in the daily, weekly, and two-day interest-rate modes; it is scheduled to expire Oct. 1, 2021, at which time we will remove the rating's short-term component unless the SBPA is either extended or terminated beforehand. The SBPA provider's obligations to purchase tendered bonds will...

Summary