NEW YORK (Standard&Poor's) Nov. 26, 2002--Standard&Poor's Ratings Services today affirmed New York City's 'A' GO rating. However, the outlook is changed to negative from stable, reflecting the escalating out-year gap estimates and the risks associated with the current plan to balance the fiscal 2004 budget. "The outline of the plan put forward by Mayor Michael Bloomberg to address the fiscal 2003 and 2004 budget gap of $7.36 billion is a balanced approach to dealing with the sizeable deficit, but it contains significant risk," said credit analyst Robin Prunty. "While fiscal 2003 will be balanced with some surplus expected at June 30, 2003, based on actions taken to date, the out-year gaps remain significant." The city council
