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New York City Fiscal 2011 General Obligation Bonds Rated 'AA'; Outlook Stable Mar 11 Product Image

New York City Fiscal 2011 General Obligation Bonds Rated 'AA'; Outlook Stable Mar 11

  • ID: 1753634
  • March 2011
  • Region: New York
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) March 3, 2011--Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's $641 million general obligation (GO) fiscal 2011 series I (I-1, I-2, I-3) bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. Credit factors supporting the rating include what we view as: New York City's substantial and diverse economic base. After a period of economic retrenchment caused by the national recession, which affected employment, income, and the overall real estate market, economic trends are improving. While New York City continues to face significant issues, economic cycles are common for the city. The...

Companies mentioned in this report are:
- New York City

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.

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