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S&P More Optimistic About State's Financial Future

Story Published: Aug 28, 2012 at 9:51 AM EDT

Story Updated: Aug 28, 2012 at 9:55 AM EDT

A major credit rating service has a more optimistic view of New York's future, which could eventually boost its credit rating.
 
Standard & Poor's revised its outlook to "positive" from "stable" on Monday.
 
New York's double-A rating on general debt and double-A minus rating on debt secured by legislative appropriations remained unchanged.
 
The ratings agency says more fiscally conservative, structurally sound budgets in the last two years show New York appears to be on the right track.
 
During those two years, Gov. Andrew Cuomo, the Senate's Republican majority and the Assembly's Democratic majority agreed to reduce and then hold the line on spending.

They also adopted a so-called "millionaire tax" expected to generate $2 billion and increased public college tuition.
 
Tax revenues have slowly, if tentatively, improved since the recession.

- from The Associated Press
 
Saturday, May 25, 2013
, Watertown, NY

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