Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) bonds fiscal 2009 series F. At the same time, we affirmed our 'AA' long-term rating, and stable outlook, on the 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 decline in the financial services sector is having a negative effect on employment, income, and the overall real estate market. Economic cycles are common for the city and positive growth trends are projected to resume in 2010. The city has
