The 'A' rating on New York City's GO bonds fiscal 2002 series B is based on: The substantial and diverse economy of the city, 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 the current recession and uncertain economic outlook in the near term; 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
