Standard&Poor's Ratings Services raised its rating on New York City's more than $32 billion of GO debt outstanding to 'A+' from 'A' based on the city's steady fiscal and economic recovery since 2001 and strong budget management, with record gaps proactively responded to and closed. Also factored into the rating action is a comprehensive financial planning process that has enabled the city to effectively balance its ongoing spending pressures. The 'A+' rating represents the highest rating Standard&Poor's has ever assigned to the city's debt. At the same time, Standard&Poor's assigned its 'A+' rating to the city's new $948.34 million general obligation bonds (taxable and tax-exempt) series 2005 O, P, and Q. Additional credit factors
