Standard&Poor's Ratings Services assigned its 'A+' rating to New York City's GO bonds, fiscal 2006 series G, and affirmed its 'A+' rating on the city's $33 billion of parity debt. The bonds are secured by the city's faith and credit pledge, with proceeds refunding outstanding GO bonds of the city. The city's GO rating was raised to 'A+' from 'A' in May 2005 based on its 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
