The 'A' rating on New York City's GO bonds fiscal 2003 series A reflects the following: The city's substantial and highly diverse economic base, which has weakened substantially in the past year as a result of the recession and the Sept. 11 terrorist attacks. Job loss is expected to be total than 100,000 through 2002, and the unemployment rate has increased to 7.6% as of May 2002 from 5.1% in May 2001. Economic recovery will be slower than national trends, but the city has demonstrated an ability to manage the budgetary pressures associated with economic cycles in the past. The approved budget for fiscal 2003 puts forth a reasonably balanced plan to address the identified gap of about $5 billion.
