"Today’s bond rating upgrade from Standard & Poor's Ratings Services, coming on the heels of upgrades by Moody’s Investors Service and Fitch Ratings, again shows that New York state’s finances are headed in the right direction.

"The new AA+ rating for the state’s General Obligation bonds reflects our recent history of on-time budgets, a well-funded pension system and spending restraint.

"Over the past few years, much has been done to put New York on a more solid financial footing, but some budgetary challenges remain. The state still needs to do more to curtail future budget gaps by aligning recurring revenues and expenditures.

“The state should build on the positive steps already taken to further strengthen its financial position. I will work with the Governor and Legislature to help meet those goals."