New York City's GO Bonds Rated 'AA-'; Surging Revenues Are Creating Financial Flexibility Jan 07

Standard & Poors, January 2007

Abstract
NEW YORK (Standard & Poor's) Jan. 8, 2007--Standard & Poor's Ratings Services assigned its 'AA-' rating to New York City's new $100 million GO bonds fiscal 2007 series C, subseries C-3 and C-4, and affirmed its 'AA-' rating on the city's $35.7 billion of parity debt. The outlook is stable. Key rating factors include the city's substantial and diverse economic base, strong financial performance over the past several years, comprehensive financial planning process, and long track record of strong and active budget management. Offsetting credit considerations include an above-average reliance on the financial services sector for resident income and tax revenue, along with a high debt burden by most measures with significant capital funding requirements that have been well managed...

Companies mentioned in this report are:
- New York City

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- New York City

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