Fitch upgrades NY state general obligation bonds to 'AA+'

June 20 Fri Jun 20, 2014 4:31pm EDT

June 20 (Reuters) - Fitch Ratings upgraded the rating for the State of New York's general obligation (GO) bonds to 'AA+' from 'AA', citing improved fiscal management practices by the state in recent years.

The ratings agency expects that the state will continue to adhere to strengthened fiscal management practices. (bit.ly/1kVVUjj)

Fitch added that New York's debt burden is above average but still in the moderate range, with a modest decline in the burden of debt in the recent years. (Reporting By Tanvi Mehta in Bangalore)