New York City Housing Development Corp. Revenue Bonds Assigned Various Ratings

Stocks and Financial Services Press Releases Friday June 9, 2017 09:13
SAN FRANCISCO--9 Jun--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) June 8, 2017--S&P Global Ratings assigned its 'AA+' long-term rating to New York City Housing Development Corp.'s (NYCHDC) 2017 series C-1 and C-2 sustainable neighborhood multi-family housing revenue bonds.

At the same time, we assigned our 'A-1+' rating to NYCHDC's 2017 series D term rate multi-family housing revenue bonds. Finally, S&P Global Ratings affirmed its 'AA+' long-term rating on all of NYCHDC's long-term bonds outstanding and various short-term ratings on all of NYCHDC's short-term and variable-rate bonds outstanding under the resolution.

The outlook, where applicable, is stable. In addition to the above series, NYCHDC plans on issuing 2017 series C-3 sustainable neighborhood multi-family housing revenue bonds in an index floating rate or fixed mode and 2017 series C-4 variable-rate sustainable neighborhood multi-family housing revenue bonds bonds, secured by the open indenture and a liquidity facility from Wells Fargo Bank N.A,; we will rate both series of bonds separately from this transaction.

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

The proceeds of the 2017 C bonds will be used to finance 10 mortgage loans for developments throughout New York City.

The proceeds of the 2017 series D bonds will be deposited in that series' bond proceeds account. The stable outlook reflects our view of the strength of the NYCHDC's open resolution, sufficient reserves, and overcollateralization to cover potential losses.

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 atwww.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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