Fitch Upgrades NY Bond Rating On Fiscal Strength

ALBANY (AP) -

Another rating agency on Friday upgraded New York’s bond rating, with Fitch Ratings changing it from AA to AA+ to reflect the state’s overall economic strength as well as “sustainable budgeting practices” and budgets that have been approved on time.

Last week, Moody’s upped the state’s rating to Aa1, the highest level since before the financial crisis of the mid-1970s.

Gov. Andrew Cuomo called Friday’s announcement by Fitch “the cherry on the cake” and says the upgrade is a positive reflection on New York’s economy and government finances.