NEW YORK (Standard&Poor's) Sept. 15, 2003—Standard&Poor's Ratings Services said today it assigned its 'A' rating to New York City's $250 million general obligation bonds fiscal 2004 series C, reflecting the city's substantial and diverse economic base that has weakened through the recent national recession and has grown slowly due in part to the stagnant performance of the financial services sector, which remains an impediment to economic growth. Also factored into the rating is the well-managed financial program of the city, which has proactively responded to record budget gaps, and a high debt burden by all measures. The rating outlook on the bonds, which are scheduled to sell today, is stable. Standard&Poor's also affirmed its
