Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's $641 million general obligation (GO) fiscal 2011 series I (I-1, I-2, I-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. Credit factors supporting the rating include what we view as: New York City's substantial and diverse economic base. After a period of economic retrenchment caused by the national recession, which affected employment, income, and the overall real estate market, economic trends are improving. While New York City continues to face significant issues, economic cycles are common for the city. The city's comprehensive financial planning process, which has
