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 B. At the same time, we affirmed the 'AA' long-term rating, with a 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 profitability of the financial services sector is having a negative effect on employment and income. The city's real estate market has performed well relative to other economic centers, but is weakening. The city's comprehensive financial planning
