The 'A' rating on New York City's GO bonds fiscal 2004 series F and affirmed 'A' rating on the city's outstanding parity debt reflect: The city's substantial and diverse economic base, which is slowly recovering from the recent national recession and economic repercussions of the Sept. 11 terrorist attacks; A well-managed financial program that has proactively responded to record budget gaps; and A high debt burden by all measures. New York City will privately place $500 million of the fiscal 2004 series F fixed-rate bonds to Citigroup Global Markets Inc. as part of a total return interest-rate swap to variable-rate debt. The city's total tax-supported variable-rate debt following this transaction will be $8.2 billion, or 17.4% of total outstanding tax-supported...
Companies mentioned in this report are:
- New York City
Action: New Rating
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