New York City Housing Development Corp. Multifamily Housing Revenue Bonds Assigned 'AA+' Rating


SAN FRANCISCO (S&P Global Ratings) Feb. 4, 2019--S&P Global Ratings assigned 
its 'AA+' long-term rating to New York City Housing Development Corp.'s 
(NYCHDC) multifamily housing revenue bonds (sustainable neighborhood bonds) 
2019 series A-3. The outlook is stable.    

In addition, S&P Global Ratings affirmed its 'AA+' long-term rating on all of 
NYCHDC's bonds outstanding and its various short-term ratings on all of 
NYCHDC's variable-rate bonds outstanding under the resolution. The outlook, 
where applicable, is stable.

"The long-term rating reflects our view of NYCHDC's extremely high level of 
government support, excellent strategy and management of the resolution, 
extremely high loss coverage, solid financial strength and strong operating 
performance, and extremely strong financial policies and practices," said S&P 
Global Ratings credit analyst Aulii Limtiaco.

The 2019 A-3 bond proceeds will be used to indirectly finance and/or reimburse 
NYCHDC for previous financing for three mortgage loans totaling approximately 
$37.4 million. The remaining proceeds are expected to redeem all or a portion 
of the corporation's multifamily housing revenue bonds 2009 series C-1, 2009 
series F, 2009 series J, 2009 series K and/or 2009 series M outstanding, which 
were issued to finance mortgage loans.

The stable outlook reflects our view of the strength of NYCHDC's open 
resolution, sufficient reserves, and overcollateralization to cover potential 
losses.

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