Standard&Poor's Ratings Services affirmed its 'AA' rating, and positive outlook, on New York State's general obligation (GO) bonds. The GO rating reflects what we view as New York State's: Strong and diverse economy of 19.5 million people, with income levels above the national average, but with a higher-than-average proportion of state income derived from the financial sector; History of what we consider conservative budgeting, quarterly updated budget forecasts, active expense management in economically weak periods, and an established rainy-day fund, although it has not always been fully funded; Cyclical finances, as evidenced by small operating surpluses on a generally accepted accounting principles (GAAP) basis in fiscal years 2011 through 2013, following large successive general fund drawdowns in fiscal
