Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) fiscal 2011 series A and series B bonds. We also affirmed the 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. In our opinion, credit factors supporting the rating include: 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 begun to stabilize. While New York City continues to face significant issues, economic cycles are common for the city. The city's comprehensive financial planning process, which has helped it effectively balance forecasted revenue
