New York City Transitional Finance Authority's 2019 Subseries C-4 Subordinate Bonds Rated 'AAA/A-1'


NEW YORK (S&P Global Ratings) April 3, 2019--S&P Global Ratings assigned its 
'AAA/A-1' rating to the New York City Transitional Finance Authority's (NYC 
TFA) fiscal 2019 subseries C-4 future tax-secured tax-exempt subordinate 
bonds. At the same time, we assigned our 'AAA/A-1' rating to NYC TFA's 
remarketed fiscal 2010 subseries G-6 and fiscal 2011 subseries A-4 future 
tax-secured tax-exempt subordinate bonds. The outlook is stable.

These rating actions reflect our assessment of new liquidity facilities in the 
form of standby bond purchase agreements (SBPAs) provided by Barclays Bank PLC 
for each series, and the conversion of the interest rate on the series 2010 
G-6 and 2011 A-4 bonds to the daily rate mode from the index rate mode, 
effective April 12, 2019.

"The long-term component of the ratings reflects NYC TFA's credit 
characteristics," said S&P Global Ratings credit analyst Rahul Jain. The 
short-term component of the ratings reflects our assessment of the liquidity 
support provided by Barclays Bank PLC in the form of SBPAs.
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