NY gets bond rating upgrade from Fitch

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Fitch Ratings upgraded New York’s bond rating today, the agency’s highest rating ever for the state.

cuomossmThe rating was “AA+” and the rating was stable. It comes after Moody’s gave New York its highest rating in 50 years earlier this week.

Gov. Andrew Cuomo held a conference call with reporters this afternoon to praise the report and highlight the state’s fiscal prudence since he took office — in advance of his re-election bid in the fall.

Cuomo called the bond ratings the “most powerful affirmation of the progress” the state has made in his four years in office.

Fitch said: “The upgrade reflects the improved fiscal management practices of recent years that have resulted in timely and more sustainable budget-making. Notable recurring actions were taken to close budget gaps in the downturn, and in the recovery the state has limited the growth in spending.”

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5 Comments

  1. Is this the same Fitch’s rating agency that helped plunge the world into the great recession by rating Mortgage Backed Securities at investment grade when they knew most of the mortgages would not be repaid. Fitch caved to Wall Street firms who threatened to take their rating business elsewhere if Fitch would not go along with the fraud. Given the amount of debt New York issues I would be very skeptical of the Fitch press release issued five months before a statewide election. Some hard questions need to be asked about Fitch and Cuomo’s cozy relationship!

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