Statement from Governor Cuomo on Fitch Ratings’ Upgrade of New York Credit Rating to AA+
|Targeted News Service|
"News that Fitch Ratings has upgraded our bonds to the highest level ever for
Fitch Ratings upgraded
In its report, Fitch says that "the upgrade reflects the improved fiscal management practices of recent years that have resulted in timely and more sustainable budget-making. Notable recurring actions were taken to close budget gaps in the downturn, and in the recovery the state has limited the growth in spending."
The 2014-15 Enacted Budget holds spending growth below two percent for the fourth consecutive year, continuing a record of fiscal discipline that follows decades where state spending increased at a higher rate than inflation and personal income growth.
"The upgrade of
"The state has implemented a wide range of beneficial changes to its budgeting, including on-time budget enactment, consensus revenue forecasting, and curbs on expenditure growth, while avoiding significant reliance on one-time resources," said the Fitch report. "These changes have resulted, in Fitch's view, in more sustainable budget performance compared to the state's earlier fiscal practices, in which the state relied on non-recurring actions to cover persistent structural spending pressures and to respond to severe, recession-driven revenue cyclicality."
Fitch cites multiple strengths of
The report specifically notes the improvements made to
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