FOR IMMEDIATE RELEASE
June 29, 2007
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON FITCH UPGRADING NEW YORK CITY'S BOND RATING
With Fitch upgrading the City's bond rating to AA- today, this is the second time this month that an independent rating agency has recognized our prudent fiscal management and upgraded the City's credit. This is the highest rating the City has ever achieved from Fitch.
The capital investments we are making to ensure the City's bright future are paid for with long-term debt. A higher rating will translate into lower debt costs for the City and its taxpayers.
Although we have used funds resulting from our strong economic growth to reduce budget gaps in the out-years, we still face multi-billion dollar gaps in the future and must continue to act responsibly.
Stu Loeser/John Gallagher (212) 788-2958