Standard&Poor's Ratings Services assigned its 'AA' long-term general obligation (GO) rating, and stable outlook, to New York City's (GO) series 2012 G (G-1 and G-2) bonds. At the same time, Standard&Poor's affirmed its 'AA' rating, with a stable outlook, on the related parity debt outstanding. Credit factors supporting the rating include what we view as: New York City's substantial and diverse economic base. After a period of economic retrenchment caused by the national recession, which affected employment, income, and the overall real estate market, economic trends have improved and, on a percent basis, the city has recovered more of its jobs lost during the recession than the nation as a whole. While New York City continues
