Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) bonds fiscal 2009 series H-1 and H-2. 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 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. Economic cycles are common for the city and it projects positive growth trends to resume in 2010. The
