Summary: New York City Transitional Fin Auth; Tax Secured, Miscellaneous Tax; Tax Secured, Note Oct 02

Standard & Poors, October 2002

Abstract
The 'AA+' rating on New York City Transitional Finance Authority's (TFA) future tax-secured bonds fiscal 2003 series C reflects: An innovative and strong legal structure that separates the revenue stream supporting the bonds from both New York City and New York State, and Strong cash flows and coverage levels that are more than sufficient to make timely payments of interest and principal under severe stress requirements. The TFA's BANs fiscal 2003 series 1 are rated 'SP-1+' and secured by proceeds of future tax-secured bonds, which are simultaneously authorized by TFA. The ratings remain constrained by New York City's 'A' GO rating because the structure cannot completely isolate TFA's bondholders from the city's financial condition. The ability to levy and collect...

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

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New York City Transitional Fin Auth

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