A Stable New York City

Braun, Martin Z.
May 2003
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p1
Trade Publication
The outlook on New York City's debt was raised to stable from negative by Standard & Poor's Corp. on May 27, 2003 on the strength of a 2.7 billion dollar state assistance package that provides authorization to raise sales and income taxes and 1.2 billion dollar in direct state aid. Although the tax increases are temporary and could hinder a balanced budget in the long term, the revenue measures can be extended, depending on the economy and the city's budget situation. Moody's Investors Service Inc. maintained a negative outlook on the city's government obligation debt.


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