- Associated Press - Thursday, July 24, 2014

ALBANY, N.Y. (AP) - 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.”

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