The rating on New York City's GO bond series 1998I, 1998J, and 1998K are placed on CreditWatch with positive implications. Standard&Poor's 'BBB+' and 'BBB+r' ratings on the city's, approximate, $27 billion of GO debt remain on CreditWatch with positive implications where they were placed in February 1998. An upgrade to the 'A' category by this summer will depend on the city's adoption of a fiscal 1999 budget and financial plan that closely resembles the outlines of the current proposal by keeping expenditures and headcount under control, by limiting growth in the already substantial capital budget, and maintenance of conservative budget assumptions. The CreditWatch placement with positive implications this past February was based on the city's: Recent budget surpluses,
