The rating on New York City's GO bonds and taxable GO bonds reflects: A substantial and diverse economic base that has experienced growth across each of the city's five boroughs and nearly all sectors; A robust real estate market highlighted by declining vacancy rates for commercial real estate and substantial appreciation of property values; Strong financial operating results in recent years; Continued long-term financial planning, which remains a solid financial management strength and affords the city flexibility to manage its operating budget through economic cycles; and Strong statutory provisions that require balanced budgets on a GAAP basis and comprehensive long-term financial planning, which have contributed to a long track record of improving financial operating results. Offsetting these strengths are: A
