Standard&Poor's Ratings Services assigned its 'AA' rating to New York City's GO bonds fiscal 2009 series E. Standard&Poor's also affirmed the rating on $36 billion of parity debt outstanding. In our opinion, credit factors supporting the rating include: New York City's substantial and diverse economic base. After a period of above-average growth in employment, income, and real estate development, economic trends have declined sharply. The steep drop in the financial services sector is hurting employment and income. The city's real estate market has performed well relative to other economic centers, but is weakening. The city has a comprehensive financial planning process that has helped it effectively balance forecasted revenue declines and ongoing spending pressures. The city's
