NEW YORK (Standard&Poor's) May 18, 2009--Standard&Poor's Ratings Services assigned its 'AA' long-term rating to New York City's series J (subseries J-1 and J-2) general obligation (GO) bonds fiscal 2009. Standard&Poor's also affirmed its 'AA' long-term rating 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 above-average growth in employment, income, and real estate development, economic trends have declined sharply. The steep decline in the financial services sector is having a negative effect on employment, income, and the overall real estate market. While New York City is facing significant challenges, economic cycles are common for the
