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Standard & Poor's upgrades NY bond ratings

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Standard & Poor's has raised its ratings of New York's general obligation and appropriation-backed bonds. Credit analyst David Hitchcock says the upgrade is based on improved budget management and spending restraint with relatively modest projected budget gaps for future years. S&P is raising the rating of the general obligation bonds to AA+ from AA. It is raising the appropriation-backed bonds' rating from AA- to AA. That follows recent ratings upgrades of the state's bonds by ...

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