Updated: 07/24/2014 6:06 AM
Created: 07/24/2014 4:42 AM WHEC.com
By: Associated Press
Standard & Poor's has raised its ratings of New York's general obligation and appropriation-backed bonds.
Credit analyst David Hitchcock says the upgrade is based on improved budget management and spending restraint with relatively modest projected budget gaps for future years.
S&P is raising the rating of the general obligation bonds to AA+ from AA.
It is raising the appropriation-backed bonds' rating from AA- to AA.
That follows recent ratings upgrades of the state's bonds by Fitch and Moody's Investors Service.
S&P also cites New York's "strong and diverse economy of 19.7 million people, with income levels above the national average, but with a higher-than-average proportion of state income derived from the financial sector."
It notes offsetting factors including "significant post retirement liabilities and the volatility of state revenues."