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New York City; General Obligation Dec 10
Standard & Poors, December 2010
Standard & Poor's Ratings Services assigned its 'AA' long-term rating and stable outlook to New York City's general obligation (GO) fiscal 2011 subseries F-3 adjustable-rate bonds. Standard & Poor's also affirmed its 'AA' long-term rating on the city's previously issued parity GO debt. The rating reflects our view of New York City's: Substantial and diverse economic base despite a period of economic retrenchment caused by the recession, which affected employment, income, and the overall real estate market. Although New York City continues to face significant issues, economic cycles are common and signs of economic recovery are evident; Comprehensive financial planning process, which has helped the city effectively balance forecast revenue declines and ongoing spending pressures. Fiscals 2010 and 2011 budgets...
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
- New York City