The 'A' rating on New York City's GO bonds fiscal 2002 series D, E, F, and G reflects the following: The city's substantial and highly diverse economic base, which has weakened substantially in the past year as a result of the recession and the Sept. 11 terrorist attacks. Job loss is now forecast to be as high as 125,100 from January 2001-January 2002, and the unemployment rate has increased to 7.5% in January 2002 from 5.7% in January 2001. Economic recovery will be slower than national trends, but the city has demonstrated an ability to manage the budgetary pressures associated with economic cycles in the past. The proposed budget for fiscal 2003 puts forth a reasonably balanced plan to address...
Companies mentioned in this report are:
- New York City
Action: New Rating
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