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
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Research Type: Full Analysis