Standard & Poor's Corp. on Friday affirmed its rating on New York City's general obligation debt, surprising some city officials and municipal market executives who thought the city's fiscal 1994 budget and multiyear financial plan were shaky enough to force a downgrade.

In a press release, Standard & Poor's said it will maintain an A-minus rating on $20.4 billion of city GO debt, and that the outlook on the bonds will remain negative.

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