FOR IMMEDIATE RELEASE
July 18, 2007
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON THIRD UPGRADE OF NEW YORK CITY'S BOND RATING IN THE LAST SIX WEEKS
"For the third time in six weeks, New York City's bond rating has been upgraded by an independent rating agency. We have managed the City's finances prudently with a focus on making long-term investments to ensure the City's bright future. As a result, New York is stronger than ever, and Wall Street has once again recognized our success.
"Today's upgrade of New York City general obligation bonds to Aa3 by Moody's Investors Service completes a 'clean sweep' for the City's rating by the three major rating agencies, following recent upgrades by Standard and Poor's and Fitch Ratings. For the first time in City history, our bond rating is now in the AA-category from all three major rating agencies, which will result in lower debt costs for the City and our taxpayers. This is a vote of confidence for New York City."
Stu Loeser/John Gallagher (212) 788-2958