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 G-1, G-2 and G-3 bonds. At the same time, Standard&Poor's affirmed its '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 economic decline caused by the national recession, which affected employment, income, and the overall real estate market, economic trends have begun to stabilize. While the city continues to face significant challenges, economic cycles are common. The city's comprehensive financial planning process, which has helped it effectively balance forecast
