Standard&Poor's Ratings Services assigned its 'A' rating to New York City's $586 million GO bonds, fiscal 2005 (tax-exempt and taxable) series A, and affirmed its 'A' rating on the city's approximately $30.3 billion of outstanding GO debt. This issue will refund various outstanding GO bonds. The 'A' rating reflects the city's: Continued financial and economic recovery, evidenced by a stronger-than-projected revenue forecast for the current fiscal year and out-years of the financial plan; Substantial and diverse economic base that is performing in line with national economic trends; Strong real estate market that has been a stabilizing economic and financial factor for the city since the onset of the recession in 2001; Well-managed financial program that has proactively responded
