Standard & Poor's Corp. has all but ruled out downgrading New York City's general obligation bonds and may even take city debt off its negative outlook watch list.

Managing director Richard Larkin, who only last year threatened to cut the city's rating from its current A-minus, said Friday that Mayor Rudolph W. Giuliani's fiscal 1995 budget has helped assure rating agency officials that the city is moving toward financial stability. Fiscal 1995 begins July 1.

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