Standard&Poor's Ratings Services 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. Additional rating factors include the following: The city has a substantial and diverse economic base that has performed at an extraordinary level by many measures, such as employment growth, real estate development, and consistent income growth. Financial performance has been strong over the past several years. Surplus revenues have enabled the city to continue prepaying expenses for
