The 'A' rating on New York City's GO bonds fiscal 2002 subseries A-1 is based on the city's: Substantial and diverse economy, which has experienced growth across each of its five boroughs and nearly all sectors over the past five years; Strong financial operating results in recent years, allowing a more competitive tax structure to emerge for the city; 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; 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; and Diverse revenue base. These strengths are offset
