New York City; General Obligation; Joint Criteria Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's $641 million general obligation (GO) fiscal 2011 series I (I-1, I-2, I-3) bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. Credit factors supporting the rating include what we view as: New York City's substantial and diverse economic base. After a period of economic retrenchment caused by the national recession, which affected employment, income, and the overall real estate market, economic trends are improving. While New York City continues to face significant issues, economic cycles are common for the city. The city's comprehensive financial planning process, which has...
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, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- New York City
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