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New York’s Credit Outlook Raised to Positive by S&P on Budgets

New York, where Governor Andrew Cuomo pushed through two consecutive on-time state budgets for the first time since 2006, had its credit outlook raised to positive by Standard & Poor’s.

The rating company said in a report today that it was revising from stable the state’s AA rating on general-obligation debt. Cuomo also has restrained Medicaid spending growth, cut school funding costs and instituted a pension overhaul that boosted the retirement age to 63 from 62 for new workers, S&P said in an e-mailed statement.