The 'A' rating on New York City's GO bonds fiscal 2003 series C, D, and E reflects the following: The city's substantial and highly diverse economic base, which has weakened in the past year as a result of the recession and the Sept. 11 terrorist attacks. Job loss is now forecast to be more than 100,000, and unemployment rates have climbed to 7.5% through July 2002 from 5.7% in January 2001. Economic recovery for the city has been slow, as projected, and the continuing weakness of the financial services sector will remain an impediment to economic growth. The city has demonstrated an ability to manage the budgetary pressures associated with economic cycles in the past. The fiscal 2003 budget plan
