Summary: New York City Transitional Finance Authority; General Obligation; Joint Criteria; Miscellaneous Tax Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating and stable outlook to New York City Transitional Finance Authority's (TFA) future tax-secured fiscal 2012 series B and C subordinate-lien bonds and affirmed its 'AAA' long-term rating and underlying rating (SPUR), with a stable outlook, on TFA's existing future tax-secured debt, including senior- and subordinate-lien bonds and recovery obligation bonds. We understand the TFA plans to convert or redeem its fiscal 2003 series A-1 stepped coupon bonds, maturing after 2014. TFA expects to reoffer approximately $500 million of series 2003A-1 bonds as fixed-rate subordinate-lien bonds and $300 million of series 2003A-1 bonds as senior-lien adjustable-rate bonds. TFA will redeem any series 2003A-1 bonds not converted on Nov. 1, 2011. We...

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

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

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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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