Statement from NYC Comptroller Brad Lander on the City’s Credit and Upcoming Bond Sale

Statement from NYC Comptroller Brad Lander on the City's Credit and Upcoming Bond Sale

New York, NY - New York City Comptroller Brad Lander issued a statement ahead of the City's upcoming General Obligation (GO) Bond Sale, which will take place on Wednesday, October 9.

The statement is as follows:

"Investors can be confident that New York City's credit is strong. While the indictment of Mayor Eric Adams and the investigations surrounding several members of his administration are very serious, the management of the City's finances is in the hands of professional staff that operate independently of political winds.

"During times of historic challenges to New York City and the nation - in the wake of 9/11, the global financial crisis, and the COVID-19 pandemic - the City continued to issue debt and pay debt service on time. Long-established policies that ensure strong discipline and governance have carried the City through numerous challenges. This will be no different."

The Comptroller's Office is working closely with the New York City Office of Management and Budget to issue approximately $820 million of taxable, fixed-rate General Obligation Social Bonds (that will finance the development of 4,300 units of affordable housing) and approximately $680 million of non-labeled taxable fixed-rate bonds to finance capital projects. Investors can be assured that the affordable housing financed by the bonds will be built, and that they will see the promised returns.

Subject to market conditions, pricing for both the social bonds and non-labeled bonds will take place on Wednesday, October 9, 2024.

The three major rating agencies (Moody's, S&P Global and Fitch Ratings) expect the City to maintain its long-standing and well-established track record of fiscal discipline and strong financial management. The ratings and outlooks remain unchanged as of reports released late last week, after the indictment was announced.

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