NEW YORK (Standard&Poor's) Nov. 18, 2008--Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's $425 million general obligation (GO) bonds fiscal 2009 series F. At the same time, we affirmed our 'AA' rating, and stable outlook, on the parity debt outstanding. In our opinion, credit factors supporting the GO 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
