Standard&Poor's Ratings Services assigned its 'AA' long-term rating and stable outlook to New York City's general obligation (GO) fiscal 2011 subseries F-3 adjustable-rate bonds. Standard&Poor's also affirmed its 'AA' long-term rating on the city's previously issued parity GO debt. The rating reflects our view of New York City's: Substantial and diverse economic base despite a period of economic retrenchment caused by the recession, which affected employment, income, and the overall real estate market. Although New York City continues to face significant issues, economic cycles are common and signs of economic recovery are evident; Comprehensive financial planning process, which has helped the city effectively balance forecast revenue declines and ongoing spending pressures. Fiscals 2010 and 2011 budgets
