Contact: Colleen Roche 212-788-2958, Curt Ritter 212-788-2971
Moody's Investors Service today announced that it has upgraded New York City's General Obligation credit to A3 from Baa1.
"Four years ago the prior administration handed us a budget that presented the City with its greatest fiscal crisis since the 1970s. Since then we have substantially changed the City's basic budget philosophy. We have not only overcome the crisis but helped produce the largest surplus in our history. With an emphasis on securing the long-term economic future of the City, we have implemented a balanced three-part approach to the budget. This year, as our heathy and vibrant economy produces a second year of unprecedented additional revenues, we will maintain our budget strategy which will:
"I agree strongly with Moody's conclusion that these fundamental changes result in the City being 'better positioned to weather future cycles inherent in its economy,'" the Mayor added.