FOR IMMEDIATE RELEASE
June 5, 2007
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON STANDARD AND POOR'S UPGRADING NEW YORK CITY'S BOND RATING TO "AA"
"The news that Standard and Poor's has upgraded the City's bond rating to 'AA' - the highest in the City's history - is further evidence that that our prudent fiscal planning is paying off and that New York City's economy continues to grow. In just two years, Standard and Poor's has raised our bond rating three times, which saves taxpayers money by lowering the City's cost of borrowing to finance much-needed infrastructure projects. Nonetheless, we have looming shortfalls in the coming years, and we can't throw away our gains by spending beyond our means."
Stu Loeser (212) 788-2958
Ray Orlando (Office of Management and Budget)