Standard&Poor's Ratings Services assigned its 'AA+' rating and stable outlook to New York State's general obligation (GO) bonds series 2015A-C. At the same time, Standard&Poor's affirmed its 'AA+' rating, with a stable outlook, on the state's parity debt outstanding. The GO rating reflects what we view as New York State's: Strong and diverse economy of 19.7 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. We note the fund is low relative to many state peers but has recently increased
