New York City's new GO bonds have been rated 'AA-'. The city's full faith and credit pledge secures the bonds. Key rating factors include: The city's substantial and diverse economic base, which has performed in line with national trends; The city's strong 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. A comprehensive financial planning process that has helped the city effectively balance its ongoing spending pressures; and A long track record of strong and active budget management. Offsetting credit considerations include an above-average reliance on the financial services sector for resident income as well
