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New York City; General Obligation Aug 06 Product Image

New York City; General Obligation Aug 06

  • Published: August 2006
  • Region: New York
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to New York City's new GO bonds fiscal 2007 series A and B. The city's full faith and credit pledge secures the bonds. On May 22, 2006, Standard & Poor's raised its rating on New York City's GO debt to 'AA-' from 'A+' based on the city's strong economic and financial performance over the past several years. Surplus revenues have enabled the city to both continue prepaying expenses for subsequent budget years and begin to address long-term liabilities such as retiree health care benefits. In addition, the city has secured a long-term funding source for its substantial education facility needs. A comprehensive financial planning process has helped the city effectively balance...

Companies mentioned in this report are:
- New York City

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, READ MORE >

- New York City

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