2005-12-29 / Business & Finance

State Credit Rating At 30 Year High

New York State has received a credit rating upgrade from Moody’s Rating Agency to As3 — resulting in the highest New York State credit rating from Moody’s since 1975.

The upgrade is the state’s second credit rating upgrade from Moody’s in the last three years and marks the continuation of the dramatic turnaround of New York’s fiscal condition as a result of spending restraint, debt reform and fiscal responsibility.

“Our efforts to restrain spending growth, build our fiscal reserves, pass sweeping debt reforms and enact fiscally sound budgets are clearly paying dividends for the people of New York,” Governor Pataki said. “The fact that the financial experts at Moody’s have increased our credit rating to its highest rating in 30 years further illustrates the need continue on this sound economic path.”

According to Moody’s, New York’s upgrade reflects continued trends of improvement in the State’s economy, tax revenues and liquidity position over the past year.

Current revenue trends, accumulating general fund reserves, and expected financial windfalls from non-profit HMO conversions and mergers have significantly improved the State’s baseline budget and fiscal outlook, and provide greater flexibility in the event of future fiscal challenges.

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