NEW YORK (Standard&Poor's) Oct. 1, 2010--Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's $1.3 billion general obligation (GO) fiscal 2011 series C (C-1, C-2), D, and E bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. Credit factors supporting the rating include our view of: New York City's substantial and diverse economic base. After a period of economic retrenchment caused by the national recession, which affected employment, income, and the overall real estate market, economic trends have begun to stabilize. While New York City continues to face significant issues, economic cycles are common for
