NEW YORK (Standard&Poor's) Aug. 8, 2005--Standard&Poor's Ratings Services assigned its 'A+' rating to New York City's $250 million general obligation bonds, fiscal 2006 series E (subseries E-1), and affirmed its 'A+' rating on the city's $33 billion of parity debt outstanding. The outlook is stable. "Although New York City continues to face challenges to its financial plan, along with significant out-year gaps, its long-term planning and proactive budget management mitigate these risks at the current rating level," said Standard&Poor's credit analyst Robin Prunty. On May 17, Standard&Poor's raised its rating on the city's general obligation bonds to 'A+' from 'A' based on the city's steady fiscal and economic recovery since 2001 and
