Standard&Poor's Ratings Services assigned its 'A' rating to New York City's $250 million GO bonds fiscal 2004 series C, reflecting the city's substantial and diverse economic base that has weakened through the recent national recession and has grown slowly due in part to the stagnant performance of the financial services sector, which remains an impediment to economic growth. Also factored into the rating is the well-managed financial program of the city, which has proactively responded to record budget gaps, and a high debt burden by all measures. Standard&Poor's also affirmed its 'A' rating on the city's outstanding GO debt. The city's outlook was revised to stable from negative in May following the funding package negotiated with
