Rating analysts responded favorably yesterday to New York's mid-year budget cuts that trimmed $427 million from the current 2009 fiscal year and are expected to save more than $600 million in the next fiscal year.

"You gotta give them credit," said Colleen Woodell, managing director at Standard & Poor's. "Certainly any time a state decides to take mid-year fiscal adjustments, it's a good thing. New York over the last few years has proven itself to be very focused on its financial balance and financial condition. This suggests that that trend is still in place."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.