Standard&Poor's Ratings Services assigned its 'A+' rating to New York City's $920 million general obligation bonds, fiscal 2006 series A, B, C, and D, and affirmed its 'A+' rating on the city's $32 billion of outstanding parity debt. On May 17, 2005, Standard&Poor's raised its rating on the city's general obligation bonds 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 was a comprehensive financial planning process that has enabled the city to effectively balance its ongoing spending pressures. Additional credit factors related to the rating include the city's substantial and diverse
