NEW YORK (Standard&Poor's) July 15, 2002—Standard&Poor's said today it assigned its single-'A' rating to New York City's $1 billion general obligation bonds fiscal 2003 series A due Aug. 1, 2018. The rating on the bonds, which are selling tomorrow, reflects, in part, the city's substantial and highly diverse economic base, reasonably balanced plan to address an identified budget gap of about $5 billion, detailed and comprehensive long-term financial planning, and above-average debt burden. Standard&Poor's also said it affirmed its single-'A' rating on the city's approximately $27.7 billion of outstanding general obligation debt. The outlook is stable. "New York City faces substantial financial pressures and demands on its financial plan, which are evident as a
