NEW YORK (Standard&Poor's) Aug. 1, 2008—Standard&Poor's Ratings Services assigned its 'AA' rating to New York City's $965 million GO bonds fiscal 2009 series A. The rating is affirmed on $35.3 billion of parity debt outstanding. The rating reflects the city's substantial and diverse economic base. However, after a period of above-average growth in employment, income, and real estate development, economic trends have declined sharply. The steep decline in the profitability of the financial services sector is having a negative effect on employment and income. The city's real estate market has performed well relative to other economic centers, but is weakening. "New York has a comprehensive financial planning process that has helped it effectively balance forecasted revenue
