Standard&Poor's Ratings Services today raised its rating on New York City's GO debt to 'AA-' from 'A+' based on the city's strong economic and financial performance over the past several years. The 'AA-' rating represents the highest GO debt rating the city has attained to date. At the same time, Standard&Poor's assigned its 'AA-' rating to the city's new $600 million GO bonds, fiscal 2006 series J-I. The bonds are secured by the city's full faith and credit pledge. Surplus revenues have enabled the city to both continue prepaying expenses for subsequent budget years and begin to address long-term liabilities such as retiree health care benefits. In addition, the city has secured a long-term funding source
