Moody's Upgrades New York State's General Obligation Rating To A1

Moody's Investors Service has upgraded the State of New York's general obligation (G.O.) bond rating to A1 from A2, and assigned a positive rating outlook. The rating is removed from Watchlist. In connection with the G.O. upgrade, we have also upgraded the state appropriation bonds issued by various authorities to A2 from A3, and confirmed existing A1 ratings on the state dedicated tax bonds issued by certain authorities. All of these ratings are similarly removed from Watchlist and now have a positive outlook. A total of approximately $50 billion of outstanding state and state-related debt is affected.