“Today’s announcement by Moody’s Investors Service brings New York’s rating for its General Obligation bonds and the state’s other major bonding programs to Aa1, its highest level since the fiscal crisis of the mid-1970s. The state is now within one notch of the highest attainable bond rating, Aaa.

“The Moody’s announcement is a clear signal to investors that New York is on the right financial path. The rating upgrade is a positive reflection on the steps the Governor and the Legislature have taken in recent years to strengthen the state’s cash position, better align ongoing levels of spending and revenues, and reduce out-year budget gaps, which are actions that I have consistently highlighted as essential reforms. I am also pleased that Moody’s points to the state’s well-funded pension system as a strength.

“The challenge now is to build on the positive steps already taken to establish an even stronger financial position for the long term.”