NEW YORK (Standard&Poor's) July 23, 2014--Standard&Poor's Ratings Services has raised its rating on New York State's general obligation (GO) bonds to 'AA+' from 'AA' and raised its rating on New York State's state appropriation-backed bonds to 'AA' from 'AA-'. The outlook on both ratings 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," said Standard&Poor's credit analyst David Hitchcock. The enhanced structural budget alignment has contributed to relatively modest projected out-year budget gaps, which we view positively from a credit standpoint. The GO rating
