NEW YORK (Standard&Poor's) July 13, 2004--Standard&Poor's Ratings Services assigned its 'A' rating to New York City's $586 million general obligation bonds, fiscal 2005 (tax-exempt and taxable) series A, and affirmed its 'A' rating on the city's approximately $30.3 billion of outstanding general obligation debt. This bond issue will refund various outstanding general obligation bonds. The 'A' rating reflects the city's continued financial and economic recovery, evidenced by a stronger-than-projected revenue forecast for the current fiscal year and out-years of the financial plan; a substantial and diverse economic base that is performing in line with national economic trends; and a strong real estate market that has been a stabilizing economic and financial factor for the city since
