NEW YORK (Standard&Poor's) May 27, 2003—Standard&Poor's Ratings Services said today it revised its rating outlook on New York City's approximately $28.5 billion of outstanding general obligation debt to stable from negative based on the funding package recently negotiated with New York State that provides recurring revenue, state aid, and other budget relief measures to balance fiscal 2004 and alleviate pressure on out-year gaps. "While the package differs from the city's original request, the funding level is consistent with the executive budget proposal," said credit analyst Robin Prunty. "The major revenue items in the plan, which include a one-eighth percent sales tax increase and a personal income tax increase, are temporary taxes that will be an impediment
