Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) fiscal 2010 series D (D-1 and D-2) and fiscal 2010 series E and F bonds. We also affirmed the 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. In our opinion, credit factors supporting the rating include: New York City's substantial and diverse economic base. After a period of declines in employment, real estate development, and overall economic activity, the city's economy is showing signs of stabilizing. The steep decline in the financial services sector had a negative effect on employment, income, and the overall real estate market. While New York City is facing significant
