NEW YORK (Standard&Poor's) Jan. 8, 2003—Standard&Poor's assigned its 'A' rating to New York City's $650 million general obligation bonds fiscal 2003 series F due Jan. 15, 2033, reflecting the city's substantial and diverse economic base, which weakened through the recent national recession and has grown slowly, and the weak performance of the financial services sector, which remains an impediment to economic growth. Also factored into the rating is the city's well-managed financial program, which has proactively responded to record budget gaps, and a high debt burden by all measures. Standard&Poor's also affirmed its 'A' rating on the city's $27 billion of outstanding general obligation debt. The city's credit outlook was changed to negative from
