Standard&Poor's Ratings Services assigned its 'A' rating to New York City's $950 million GO bonds fiscal 2004 series I and affirmed its 'A' rating on the city's $29.7 billion of outstanding parity debt. The rating reflects: The city's continued financial and economic recovery, which is evidenced by a stronger-than-projected revenue forecast for the current fiscal year and out-years of the financial plan; A substantial and diverse economic base that is on track to recover in line with national economic trends; A strong real estate market that has been a stabilizing economic and financial factor for the city since the onset of the recession in 2001; A well-managed financial program that has proactively responded and closed record budget gaps;
