New York City Bond Rating May Fall:...
From Times Staff and Wire Reports
New York City Bond Rating May Fall: A bond rating agency hinted that it may lower the city’s debt rating. Standard & Poors Corp. said it is concerned about New York’s ability to repay its debt after a tentative agreement to give teachers a 5.5% pay raise. It currently gives an A-minus rating to the city’s $13 billion in general obligation bonds. A lower rating would make it more expensive for New York to borrow money in the bond market.
