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New York City; Tax Secured, General Obligation Dec 03 Product Image

New York City; Tax Secured, General Obligation Dec 03

  • Published: December 2003
  • Region: New York
  • Standard & Poors

Abstract
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

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 READ MORE >

- New York City

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