FOR IMMEDIATE RELEASE
May 22, 2006
MAYOR BLOOMBERG’S ANNOUNCES S&P UPGRADING NEW YORK CITY’S BOND RATING TO “AA-”
Rating is Highest in the City's History
Mayor Michael R. Bloomberg today announced that Standard & Poor’s (S&P) Rating Services upgraded its rating of City bonds to “AA-.” In May 2005, S&P upgraded the City’s rating from “A” to “A+.” The new rating coincided with the Mayor discussion of the City’s current fiscal environment and the state of City’s finances this morning at a breakfast hosted by the Citizens Budget Commission.
“S&P’s ‘AA-’ rating is the highest in the City’s history, is a testament to our Administration’s fiscal prudence and will save taxpayers tens of millions of dollars in interest payments over the coming years,” said Mayor Bloomberg. “Since coming into office, we have reduced City spending by nearly $4 billion and, this year, we are taking the unprecedented action of using billions of dollars in current resources to prepare for future expenses. The leap from the ‘A’ category to the ‘AA’ category is significant and S&P praised the City’s efforts to diversify its economy and use long-term financial planning to bring structural balance to the City’s budget.”
Stu Loeser / Jordan Barowitz (212) 788-2958