New York City Transitional Finance Authority's $850M Of Subordinate Bonds Rated 'AAA'; Outlook Stable Aug 10

Standard & Poors, August 2010

Abstract
NEW YORK (Standard & Poor's) Aug. 2, 2010--Standard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to New York City Transitional Finance Authority's (TFA) fiscal 2011 subseries A-1 ($470 million), A-2 ($125 million), A-3 ($155 million), and A-4 ($100 million) subordinate bonds. In conjunction with the issuance of these bonds, Standard & Poor's affirmed its 'AAA' ratings, with a stable outlook, on the authority's approximately $6.0 billion of senior bonds, $6.5 billion of subordinate bonds, and $1.4 billion of recovery obligations. Credit factors supporting the bond program include: TFA's legal structure is strong, separating the revenue stream supporting the bonds from New York City and New York State. New York City has a substantial and diverse economic...

Companies mentioned in this report are:
- New York City Transitional Fin Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- New York City Transitional Fin Auth

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