A long-awaited review of New York City's credit by Standard Poor's Corp. that focuses on large projected budget gaps has prompted the administration of Mayor David N. Dinkins to accelerate development of a contingency plan to address long-term budget problems, officials say.

The work on a contingency plan follows weeks of market speculation that the city's general obligation bonds may face a credit downgrade from Standard & Poor's. one of the two credit agencies that rate the city's general obligation bonds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.