Fitch upgrades NY bond rating on budget strength

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ALBANY — Another rating agency has decided to upgrade the New York's bond rating.

Fitch Ratings said June 20 that it's raising the rating 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.

Earlier this week, Moody's Investors Service upped the state's rating to Aa1, the highest level since before the financial crisis of the mid-1970s.

Gov. Andrew Cuomo called the June 20 announcement by Fitch “the cherry on the cake" and says the upgrade is a positive reflection on New York's economy and government finances.

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