New York City Housing Development Corp.#s Series 2017 Bonds Assigned #AA+# Rating

Stocks and Financial Services Press Releases Tuesday March 28, 2017 09:47
SAN FRANCISCO--28 Mar--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) March 27, 2017--S&P Global Ratings assigned its 'AA+' long-term rating to New York City Housing Development Corp.'s (NYCHDC) 2017 series A-1 (sustainable neighborhood bonds), A-2 (sustainable neighborhood bonds), A-3 (index floating rate, sustainable neighborhood) and series B-1 (federally taxable, sustainable neighborhood bonds) multifamily housing revenue bonds.

At the same time, we assigned our 'AA+/NR' dual rating to the 2017 series B-2 (index floating rate, federally taxable sustainable neighborhood bonds) multifamily housing revenue bonds. Finally, S&P Global Ratings affirmed its 'AA+' long-term rating on all long-term bonds outstanding and various short-term ratings on all short-term and variable-rate bonds outstanding under the resolution. The outlook, where applicable, is stable. "The long-term ratings reflect our view of the extremely high level of government support, NYCHDC excellent strategy and management of the resolution, extremely high loss coverage, the resolution's solid financial strength and strong operating performance, and extremely strong financial policies and practices," said S&P Global Ratings credit analyst Aulii Limtiaco. The 2017 bonds are designated as Sustainable Neighborhood Bonds, which allows investors to invest directly in bonds that finance socially beneficial projects. The proceeds of the 2017 A-1, A-2, and A-3 bonds will be used to finance six mortgage loans for six developments in Manhattan, the Bronx, and Queens, N.Y. A portion of the proceeds of the 2017 series B bonds will be used to finance three mortgage loans for three developments in Brooklyn, the Bronx, and Queens.

A portion of the proceeds of the 2017 series B bonds will be used to acquire six mortgage loans previously originated by the corporation. The remaining proceeds of the 2017 series B bonds are expected to be deposited in the 2017 series B bond proceeds account, and a portion is expected to be used in the future to finance or refinance mortgage loans. In addition to socially beneficial attributes of the developments receiving subsidized financing, certain are expected to also feature environmental benefits such as Enterprise Green Communities certification or Leadership in Energy and Environmental Design certification. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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