Standard&Poor's Ratings Services has raised its rating on New York State's general obligation (GO) bonds to 'AA+' from 'AA'. The outlook is stable. This upgrade is based on our view of a strong state budget management framework as indicated by New York State's recent history of improved structural budget balance with a strong focus on spending restraint and on-time budgets. The enhanced structural budget alignment has contributed to relatively modest projected out-year budget gaps, which we view positively from a credit standpoint. Although state reserves remain relatively modest, in our opinion, they have been consistently maintained through economic cycles and New York State has had a recent history of pre-paying a portion of next year's debt service expenses,
