QUESTION
What is the impact of New York City's general obligation bond ratings on its debt service obligations?
4:23:57
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75 sec
The reaffirmation of New York City's general obligation bond ratings at double A by S&P Global and Fitch is not expected to significantly impact the city's debt service obligations.
- The ratings reaffirmation will not greatly affect the city's debt service, with rising interest rates being a more significant factor.
- Strategies have been found to save money for the city despite the increasing interest rates.
- The city projects to meet its financial targets as outlined in its plan.
- The stability and positive affirmation of the bond ratings are noted, but are not anticipated to lead to substantial changes in financial planning.
Justin L. Brannan
4:23:57
Kev's one other question about the city's bond ratings.
4:24:02
So S and P Global And Fitch recently reaffirmed New York City's general obligation bond ratings at double a.
4:24:12
Is this rating affirmation expected to impact the city's debt service obligations?
Brad Lander
4:24:19
It's good to have our debt service double a ratings reaffirmed, but it won't have too much impact actually on our debt service, obviously, a lot of factors influence how much you're going to raise with any particular issue and what your debt service will be and the rising interest rates in recent years of certainly been the biggest factor affecting our cost.
4:24:42
So we're on projection to the deals we've had in the field have been well received so far, even in the rising interest rate environment, we've been able to find strategies that have produced savings for the city.
4:24:58
And we project to be able to hit the targets that are outlined in the plan, but we don't see any significant shifts and certainly the rating stability is a is
Rita Joseph
4:25:07
a good
Brad Lander
4:25:07
thing, but we don't see it leading to too much shift in in the planet.
4:25:12
Self.