NEW YORK (Standard&Poor's CreditWire) June 11, 1999 –- Standard&Poor's today assigned its single-'A'-minus rating to New York City, N.Y.'s $350 million GO bonds series 1999K due Aug. 1, 2021, and $50 million taxable GO bonds series 1999L due Aug. 1, 2001. The bonds are scheduled to sell June 15, 1999. In addition, Standard&Poor's affirmed its ratings on New York City's outstanding debt (see list below). The rating reflects: -- Improved financial performance as demonstrated by repeated budget surpluses, restrained expenditure growth, and progress in reducing out-year gaps. In addition, the city has started to experience an increase in property tax revenues and has limited its use of nonrecurring revenues. The rating anticipates that the
