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New York City's GO Bonds Fiscal 2004 Rated 'A'; Outlook Stable Sep 03

  • ID: 1817401
  • September 2003
  • Region: New York
  • Standard & Poors
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NEW YORK (Standard & Poor's) Sept. 15, 2003Standard & Poor's Ratings Services said today it assigned its 'A' rating to New York City's $250 million general obligation bonds fiscal 2004 series C, reflecting the city's substantial and diverse economic base that has weakened through the recent national recession and has grown slowly due in part to the stagnant performance of the financial services sector, which remains an impediment to economic growth. Also factored into the rating is the well-managed financial program of the city, which has proactively responded to record budget gaps, and a high debt burden by all measures. The rating outlook on the bonds, which are scheduled to sell today, is stable. Standard & Poor's also affirmed its...

Companies mentioned in this report are:
- New York City

Action: New Rating

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
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- New York City

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