Summary: New York City Transitional Finance Authority; Appropriations

S&P Global Ratings assigned its 'AA' long-term rating to the New York City Transitional Finance Authority's (TFA) $200 million building aid revenue bonds (BARBs) fiscal 2021 series S-1. The outlook is stable. The fiscal 2021 series S-1 bonds are being issued as multimodal bonds, but initially in fixed-rate mode. Securing debt service on the bonds is building aid allocated to New York City for educational purposes, subject to appropriation by New York State. Additional security is provided by an intercept of state education aid under section 99-b of state law. The fiscal 2021 series S-1 bond proceeds will fund a portion of the project costs approved under one or more of the five-year plans as applicable in accordance with section

...S&P Global Ratings assigned its '##' long-term rating to the New York City Transitional Finance Authority's (TFA) $200 million building aid revenue bonds (BARBs) fiscal 2021 series S-1. The outlook is stable. The fiscal 2021 series S-1 bonds are being issued as multimodal bonds, but initially in fixed-rate mode. Securing debt service on the bonds is building aid allocated to New York City for educational purposes, subject to appropriation by New York State. Additional security is provided by an intercept of state education aid under section 99-b of state law. The fiscal 2021 series S-1 bond proceeds will fund a portion of the project costs approved under one or more of the five-year plans as applicable in accordance with section 2590-p of the education law....

Summary