Summary: New York City; Tax Secured, General Obligation Sep 03

Standard & Poors, September 2003

Abstract
Standard & Poor's Ratings Services assigned its 'A' rating to New York City's $500 million GO bonds fiscal 2004 series D, reflecting: The city's substantial and diverse economic base, which is slowly recovering from the recent national recession and economic repercussions of the Sept. 11 terrorist attacks; A well-managed financial program that has proactively responded to record budget gaps; and A high debt burden by all measures. The bonds are scheduled to price on Thursday. Standard & Poor's also affirmed its 'A' rating on the city's outstanding GO debt. The city's outlook was revised to stable from negative in May following the funding package negotiated with New York State that provides recurring revenue, state aid, and other budget relief measures...

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New York City

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