NEW YORK (Standard&Poor's) Dec. 18, 2006—Standard&Poor's Ratings Services has assigned its 'AA-' rating to New York City's $770 million GO bonds fiscal 2007 series C. The bonds are scheduled to price on Dec. 19. The outlook is stable. At the same time, the rating service affirmed its 'AA-' rating on the city's $35.7 billion of outstanding parity debt. The city's full faith and credit pledge secures the bonds. Key rating factors include the city's substantial and diverse economic base, which has performed in line with national trends, and strong financial performance over the past several years. Surplus revenues have enabled the city to both continue prepaying expenses for subsequent budget years and begin to address long-term
