NEW YORK (Standard&Poor's) June 5, 2007--Standard&Poor's Ratings Services today raised its rating on New York City's GO bonds one notch to 'AA' from 'AA-' based on the city's strong economic and revenue performance, along with its continued dedication of surplus revenue to manage future budget pressures and reduce long-term liabilities. A long track record of strong and active budget management is also factored into the rating action. The rating outlook is stable. "The city's proposed fiscal 2008 budget and financial plan update indicates continued economic strength and highlights the conservative nature of its revenue estimates," said Standard&Poor's credit analyst Robin Prunty. "Stronger-than-forecasted revenue growth throughout fiscal 2007 has provided flexibility to manage future budget
