The 'A' rating on New York City's GO bonds fiscal 2005 (tax-exempt and taxable) series C and outstanding GO debt is based on: 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; A substantial and diverse economic base that is performing in line with national economic trends; Strong growth in the city's taxable real estate base, which has been a stabilizing 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; and A high debt burden by all measures, with significant capital funding requirements in the future. New York City's recently
