Standard&Poor's Ratings Services assigned its 'AA' rating, and positive outlook, to New York State's general obligation (GO) series 2013A tax-exempt, series 2013B taxable, and series 2013C tax-exempt refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' rating on New York State's GO debt outstanding. The outlook is positive. 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
