Standard & Poor's Corp. affirmed its A-minus rating on New York City, general obligation bonds on July 2, after a review of the recently adopted 1994 budget and discussions with the city regarding potential future plans to address structural budget gaps in outlying years.

Our deliberations and discussions with the city focused on two areas - was the city currently in a state of crisis, and if not, was a crisis looming in the foreseeable future?

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