NEW YORK (Standard&Poor's) May 11, 2004—Standard&Poor's Ratings Services assigned its 'A' rating to New York City's $785 million general obligation bonds, fiscal 2004 (tax-exempt and taxable) series J, and affirmed its 'A' rating on the city's approximately $30.3 billion of outstanding general obligation debt. The 'A' rating reflects the city's continued financial and economic recovery, evidenced by a stronger-than-projected revenue forecast for the current fiscal year and out-years of the financial plan; a substantial and diverse economic base that is on track to recover in line with national economic trends; a strong real estate market that has been a stabilizing economic and financial factor for the city since the onset of the recession in 2001; a
