Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to New York City's fiscal 2008 series C subseries C-3 and C-4 auction-rate GO bonds. At the same time, Standard&Poor's affirmed its 'AA' rating and underlying rating (SPUR), with a stable outlook, on the city's GO parity debt. Standard&Poor's raised its rating on New York City's GO bonds one notch to 'AA' from 'AA-' on June 5 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. The city's long track record of strong and active budget management was also factored into the rating action. Additional rating factors
