Moody's Gives Far West Side a Grade

Moody’s gave the Hudson Yards bonds an A3 rating — below the A1 rating enjoyed by the city, citing possible construction delays and an “uncertain future demand for office space” on the far West Side, Crain’s reports (subscription required).

Also, the magazine clears up one of the mysteries of this week’s $1.75 billion bond issue, which will be used to partially fund the No. 7 subway line extension: New York City will make payments on the bonds if the revenues do not materialize.

Matthew Schuerman