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New York City; General Obligation; Insured Liquidity Feb 09 Product Image

New York City; General Obligation; Insured Liquidity Feb 09

  • ID: 1817726
  • February 2009
  • Region: New York
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to New York City's general obligation (GO) bonds fiscal 2009 series H-1 and H-2. We also affirmed the 'AA' long-term rating, with a stable outlook, on the city's parity GO debt outstanding. In our opinion, credit factors supporting the rating include: New York City's substantial and diverse economic base. After a period of above-average growth in employment, income, and real estate development, economic trends have declined sharply. The steep decline in the financial services sector is having a negative effect on employment, income, and the overall real estate market. Economic cycles are common for the city and it projects positive growth trends to resume in 2010. The...

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: Full Analysis

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