Standard&Poor's Ratings Services assigned its 'AA' rating, with a stable outlook, to New York City's fiscal 2008 series L-1 and L-2 general obligation (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. Rating factors supporting the city's 'AA' rating include the following: The city has a 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 profitability of the financial services sector is having a negative effect on employment and income. The city's real estate market has performed well compared with other
