Standard&Poor's Ratings Services assigned its 'AA-' rating to New York City's new GO bonds fiscal 2007 series A and B. The city's full faith and credit pledge secures the bonds. On May 22, 2006, Standard&Poor's raised its rating on New York City's GO debt to 'AA-' from 'A+' based on the city's strong economic and financial performance over the past several years. Surplus revenues have enabled the city to both continue prepaying expenses for subsequent budget years and begin to address long-term liabilities such as retiree health care benefits. In addition, the city has secured a long-term funding source for its substantial education facility needs. A comprehensive financial planning process has helped the city effectively balance
