NEW YORK (Standard&Poor's) Dec. 20, 2010--Standard&Poor's Ratings Services assigned its 'AA' long-term rating and stable outlook to New York City's general obligation (GO) fiscal 2011 subseries F-3 adjustable-rate bonds. Standard&Poor's also affirmed its 'AA' long-term rating on the city's previously issued parity GO debt. "Like all other municipal governments, New York City continues to face certain risks to its financial plan, including potential losses in federal and state aid," said Standard&Poor's credit analyst Karl Jacob. "However, we believe the city's long-term planning and proactive budget management mitigate these risks and will provide New York City the flexibility to manage its budget in an environment of weak but stabilizing economic activity and revenue
