Standard & Poor's raised its ratings of New York's general obligation and appropriation-backed bonds Wednesday. General obligations bonds ratings went from AA to AA+, and the appropriation-backed bond rating was upgraded from AA- to AA. The rating upgrade follows in the wake of a similar upgrade from Moody’s Investors Service and Fitch Ratings.
"The new AA+ rating for the state’s General Obligation bonds reflects our recent history of on-time budgets, a well-funded pension system and spending restraint," New York State Comptroller Thomas P. DiNapoli said Wednesday. "Over the past few years, much has been done to put New York on a more solid financial footing, but some budgetary challenges remain. The state still needs to do more to curtail future budget gaps by aligning recurring revenues and expenditures."